- Bitcoin posted a daily gain of 5%, pushing BTC to a new all-time high above $118,000.
- The sharp move wiped out short positions, with more than $1.1 billion in shorts liquidated within 24 hours.
- A trader on HTX suffered a liquidation of $88 million.
A burst of upward momentum drove Bitcoin past $118,000 today, establishing a fresh all-time high.
The rapid advance from a $110,000 intraday low sparked a wave of liquidations that erased over $1 billion in short positions across the crypto market in the past 24 hours.
Institutional demand, clearer regulatory signals, and shifting macroeconomic conditions helped fuel the surge, sending shockwaves through the crypto ecosystem as traders and analysts reassess the outlook for the world’s largest digital asset.
Short positions turn red amid $1.2 billion in liquidations
Bitcoin, the leading crypto market indicator, reached an all-time high of $118,403 on Friday, July 2025.
Strong institutional demand and net inflows of $1.18 billion into spot Bitcoin ETFs on July 10 highlighted the move.
Macroeconomic tailwinds — including investors pricing in possible Fed rate cuts — also added fuel to the rally.
The breakout triggered a massive short squeeze, producing over $1.2 billion in crypto liquidations in the last 24 hours, a 140% increase from the previous day.
The most dramatic effect of the Bitcoin surge was the elimination of short sellers.
More than $1.11 billion in short contracts were liquidated over the past 24 hours, including $635 million tied to Bitcoin and $208 million tied to Ether, impacting 269,681 traders.
One notable casualty was a single trader on the HTX exchange whose $88 million short position was wiped out, underscoring the intensity of the market’s upward momentum.
Whales make moves as Bitcoin climbs
As Bitcoin set a new all-time high, large holders were eager to protect unexpected gains.
The rally included a sizable “push” from a Binance whale that helped lift the market, a move highlighted by CryptoQuant in a post on X.
“Until recently, whales on US-based Coinbase were leading the market, but today’s move was driven by a significant action from a major whale on Binance,” CryptoQuant analyst DanCoinInvestor noted.
While some participants bought BTC, others struggled to maintain positions amid the widespread liquidations.
According to Lookonchain, one whale facing a short exposure of 1,135 BTC (approximately $132.65 million) injected more than $10 million into the position to avoid liquidation.
The whale added $5.5 million in USDC to the position on Hyperliquid, setting a new liquidation price at $121,080.
High-profile trader James Wynn also saw positions liquidated during the 24-hour sell-off window.
James Wynn’s $BTC short position got fully liquidated in less than 12 hours, resulting in another loss of $27,921.63!https://t.co/205yuTcrz1 pic.twitter.com/AyVORksque
— Lookonchain (@lookonchain) July 11, 2025
As BTC extends its gains, analysts say supply-side dynamics are tightening.
For example, Glassnode observed that long-term holders and smaller entities are accumulating Bitcoin faster than it is being issued.
This accumulation, combined with compressed volatility across timeframes, set the stage for Bitcoin’s breakout, with analysts eyeing $120,000 as the next psychological target.