Bitcoin Rockets will exceed $118K, leading to over $1 billion of shorts being liquidated

Bitcoin

It was blown over $118,000, resulting in the biggest blood bus of the year for a leveraged bear.

Over the past 24 hours, positions over $1.13 billion have been settled, with an astounding $10.1 billion of those coming from short sellers, marking the biggest short side wipeout of 2025.
Open profits on futures tracked by BTC have increased by $2 billion over the past four hours, with a long shorter ratio supporting bullish bets at 52%, indicating a rise in bets for further increases.
Bitcoin led this move

The futures that led to the $590 million liquidation were followed by $241 million in ether futures.

Approximately 237,000 traders were liquidated in total, with one biggest hit being the BTC-USDT short on HTX of $88.5 million. The size and imbalance of the liquidation (nearly 90% of all positions were shorts) shows how aggressively traders were betting on the rally.

Most of the damage was absorbed by Bibit and HTX. Bibit alone had a total liquidation of $461 million, with over 93% of which on the short side. Binance and HTX followed, reaching $204 million and $193 million, respectively.

A short liquidation occurs when traders borrow capital and bet on price increases. These events are reflexive. This means not only trapping losses, but also accelerating upward momentum as they are forced to sell to markets where positions are rising.

The latest liquidation spike came amid a renewed optimism in the crypto market, following a continuation of US policy movements and stock strength signals. Bitcoin set the highest ever high on XRP late Thursday

Ether, Dogecoin and Solana’s Sol rose by 5% in various stories.

Update (July 11, 05:23 UTC): Update your headlines and stories at the latest prices.
Update (July 11, 06:07 UTC): Update the heading.