Chiara Bianchi
The crypto market is in full rally mode — and those betting against it are feeling the burn. In the past 24 hours alone, more than $623 million worth of short positions have been wiped out, driven largely by Bitcoin’s explosive surge past $123,000.
Data from Coinglass reveals that total liquidations topped $748 million, impacting over 130,000 traders. Unsurprisingly, the brunt of the losses hit short sellers, with Bitcoin shorts alone accounting for $475 million of the total. As BTC shattered the $120K resistance, bears were caught flat-footed by the market’s upward momentum.
Ethereum Bears Also Caught in the Crossfire
Bitcoin wasn’t the only asset triggering liquidations. Ethereum (ETH) shorts saw a painful $52.7 million in losses, while long positions added another $26.3 million to the total. With ETH reclaiming the crucial $3,000 mark, the total liquidation value for the asset crossed $90 million. The largest single liquidation came from Binance, totaling a massive $98.1 million.
This Week: A Bloodbath for the Bears
This wave of liquidations follows a historic $1 billion short squeeze just days ago, making it the worst single-day loss for short traders in four years. Bitcoin’s recent rally — fueled by strong investor sentiment and institutional buying — has been unstoppable, briefly touching $123,000 earlier today.
According to Thomas Perfumo, chief economist at Kraken, Bitcoin’s breakout above the $110,000 zone signals a new phase of price discovery. He also pointed to consistent inflows into spot Bitcoin ETFs and strength in U.S. equity markets as contributing factors to the current bullish atmosphere.
Analysts: More Room for Growth Ahead
Experts like Nicolai Søndergaard from Nansen highlight that BTC has surged past key liquidation levels and sustained those gains, signaling strong momentum. Coupled with an improving regulatory environment and increasing corporate engagement, analysts see more upside potential ahead.
Bitcoin’s Meteoric Rise in 2025
In just the past week, Bitcoin has gained 12%, and its year-to-date growth now exceeds 100%. As the crypto market continues to hold firm above the $120K threshold, many short sellers may still be at risk of further liquidations — especially if the bullish trend continues.
