Bitcoin Liquidations Surge as BTC Breaks $118,000
The post Bitcoin Liquidations Surge as BTC Breaks $118,000 appeared on BitcoinEthereumNews.com. 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. Liquidation 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. Open Interest…
The post Bitcoin Liquidations Surge as BTC Breaks $118,000 appeared on BitcoinEthereumNews.com.
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. Liquidation 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. Open Interest…
What's Your Reaction?
