Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Bitcoin’s Breakout to $118,000 Triggers Record $1.25 Billion Liquidation

Bitcoin’s Breakout to $118,000 Triggers Record $1.25 Billion Liquidation

BeInCryptoBeInCrypto2025/07/10 23:36
By:Nhat Hoang

Bitcoin’s explosive rally past $118,000 triggered record-setting Open Interest and a $1.25 billion short squeeze, shifting sentiment bullish—but risks remain.

The Bitcoin derivatives market just set new records as BTC continued its climb, breaking past $118,000. Bitcoin’s Open Interest (OI) reached an all-time high, and along with it came over $1.25 billion in liquidations in a single day.

This surge highlights growing trading participation. At the same time, it raises questions about the sustainability of the current trend, especially amid rising warnings of potential long liquidations.

More Than $1.25 Billion Liquidated, 90% Were Short Positions

According to liquidation data from CoinGlass, total market liquidations exceeded $1.25 billion over the past 24 hours. Out of that, $1.12 billion came from short positions. Bitcoin alone saw over $656 million in liquidations.

“In the past 24 hours, 265,106 traders were liquidated. The total liquidations come in at $1.25 billion,” CoinGlass reported.

This suggests that traders had heavily bet on a market correction once Bitcoin passed $112,000. But that correction never happened.

Bitcoin’s Breakout to $118,000 Triggers Record $1.25 Billion Liquidation image 0Liquidation Heatmap. Source: Coinglass

One clear example is James Wynn, a well-known trader who frequently uses high leverage on Hyperliquid. According to Lookonchain, Wynn’s leveraged short position on BTC was fully liquidated in under 12 hours, and he lost $27,921.63.

In addition, Byzantine General, an advisor at Velo, reviewed data from several exchanges and concluded that this might be the biggest short squeeze on Bitcoin in years.

“This is the biggest BTC shorts liquidation event in years,” he said.

More Liquidations May Be Coming as Open Interest Hits ATH

Liquidations could grow even larger in the coming days. Open Interest (OI), which reflects the total value of futures contracts, just reached a new all-time high this July.

Total crypto market OI has now surpassed $177 billion, the highest level on record. Bitcoin’s OI alone has hit $78.6 billion, another record. This shows intense interest from traders in the current market.

Bitcoin’s Breakout to $118,000 Triggers Record $1.25 Billion Liquidation image 1Open Interest of the market and Bitcoin. Source: Coinglass

These new highs indicate that the market is in an extremely sensitive phase. High OI shows that many traders are using heavy leverage. Even a small price swing in Bitcoin could trigger massive losses.

Trader Sentiment Shifts from Short to Long

Market sentiment is also shifting. As BTC price rises, traders are increasingly moving from short positions to long ones, betting that the rally will continue.

Bitcoin’s Breakout to $118,000 Triggers Record $1.25 Billion Liquidation image 2Bitcoin Exchange Liquidation Map. Source: Coinglass

Coinglass liquidation heatmap shows that cumulative long liquidations (shown in red on the left) on major exchanges now outweigh short liquidations (in green on the right). Analyst Joe Consorti warned of risks in this setup.

“Long liquidation leverage now outnumbers short leverage 10:1 in this range. Be careful out there,” Consorti said.

This shift suggests that Bitcoin and altcoins’ recent rally has convinced traders to change their expectations. However, this optimism comes at a cost. A surprise news event or sudden volatility could still trigger major losses.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

BONK and Safety Shot reach a $25 million partnership, planning to purchase approximately $115 million worth of tokens by the end of the year

BONK announced the signing of a $25 million strategic partnership agreement with NASDAQ-listed company Safety Shot. Under this agreement, Safety Shot plans to purchase approximately $115 million worth of tokens by the end of the year, accounting for about 5% of BONK's total supply.

ForesightNews2025/09/03 12:02
BONK and Safety Shot reach a $25 million partnership, planning to purchase approximately $115 million worth of tokens by the end of the year

Institutional Adoption of Liquid Restaking: A New Paradigm in Crypto Treasury Management

- Institutional investors adopt liquid restaking protocols to optimize crypto yields while enhancing blockchain security through EigenLayer and Babylon. - Ethereum's liquid staking TVL reached $24 billion by August 2025, with platforms like Lido managing $43.7 billion in assets and generating 3-6% staking yields. - SEC's 2025 regulatory clarity and the CLARITY/GENIUS Acts enabled $3 billion in institutional allocations to Ethereum staking, accelerating DeFi adoption. - Risks include liquidity vulnerabiliti

ainvest2025/09/03 11:41
Institutional Adoption of Liquid Restaking: A New Paradigm in Crypto Treasury Management

FET’s Potential Rebound via Harmonic Patterns: A Technical Analysis

- Technical analysis of Fetch.ai (FET) highlights Bearish Butterfly and Cypher patterns, suggesting a potential 2025 rebound to $0.96–$1.06 via Fibonacci extensions and moving average confluence. - Key support levels at $0.661 (Butterfly C-point) and $0.5783 (Cypher C-point) must hold, with 200DMA ($0.679) acting as a critical dynamic threshold for bullish validation. - On-chain data shows growing institutional confidence (whale accumulation, 2.97% open interest rise), though short-term volatility risks pe

ainvest2025/09/03 11:41
FET’s Potential Rebound via Harmonic Patterns: A Technical Analysis

Why Pumpfun’s (PUMP) Project Ascend Could Outperform Traditional Meme Coins in 2025

- Pump.fun's Project Ascend introduces dynamic fees and community governance, offering a sustainable alternative to speculative meme coins. - Leveraging Solana's infrastructure and strategic partnerships, Pump.fun dominates 84.1% of Solana's memecoin market share. - The platform's fee-driven model includes buybacks, boosting PUMP's price and liquidity, contrasting with traditional meme coins' lack of structure. - Proactive governance and institutional support position Pump.fun as a resilient, high-convicti

ainvest2025/09/03 11:41
Why Pumpfun’s (PUMP) Project Ascend Could Outperform Traditional Meme Coins in 2025