Bitcoin short-sellers were pummeled on Thursday as the cryptocurrency surged to new all-time highs, resulting in more than $1 billion in short positions liquidated in 24 hours.
CoinGlass data shows that $1.01 billion in crypto short positions were liquidated, impacting 232,149 traders.
This included approximately $570 million in Bitcoin (BTC) shorts and $206.93 million in Ether (ETH) shorts.
The liquidations came as Bitcoin clocked a new record high for the second day in a row — $112,000 on Wednesday and $116,500 on Thursday, while Ether surged to $2,990 on Thursday.
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Crypto market capitalization has spiked 4.4% over the past 24 hours to $3.63 trillion, according to CoinMarketCap data.
“Bears in disbelief,” crypto analyst Miles Deutscher said in an X post on Thursday.
Crypto trader Daan Crypto Trades on X called it a “MASSIVE Short squeeze on BTC & ETH.”
Echoing a similar sentiment, Velo noted the significant liquidation event and said, “Lots of emails are being sent.”
One of the larger crypto liquidation events came on Feb. 3 , however, with over $2.24 billion liquidated amid growing concerns of a global trade war after US President Donald Trump signed an executive order to impose import tariffs.
Earlier this week, some analysts were skeptical of Bitcoin reaching new highs.
Traders were divided over whether Bitcoin would tap new highs
Bitfinex analysts said on Tuesday that Bitcoin traders were showing a “lack of follow-through strength” as BTC struggles to break its current all-time high level.
Related: Bitcoin soars to new all-time high above $112K as traders liquidate shorts
“Bulls are hesitant or unable to push prices significantly higher without fresh catalysts or clearer macro signals,” Bitfinex analysts said on Tuesday as Bitcoin traded around $108,500.
However, others were more bullish. MN Trading Capital founder Michael van de Poppe said on June 30, “The inevitable breakout to an ATH on Bitcoin might even happen during the upcoming week.”
For now, traders are betting on the price remaining stable or rising further.
Approximately $2.11 billion in long positions are at risk of liquidation if Bitcoin retraces to Wednesday’s price of $112,000.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
