Bitcoin soared to a new all‑time high (ATH), crossing the $122,000 mark in the past 24 hours. Following the crypto leader, other prominent currencies like Ethereum and XRP are also moving up. That sharp rise triggered major liquidations as leveraged traders were forced out of positions.
Coinglass data shows over $750 million in crypto trades were liquidated over the last day. Short sellers who bet that prices would go down lost the most, reportedly about $625 million. Investors who bet that prices would go up lost around $125 million.
Bitcoin caused most of the losses. About $475 million was lost by people who bet that Bitcoin’s price would drop, as it rose from $118,000 to over $122,000. One particularly large trade, a single short position worth nearly $100 million on Binance, was liquidated at a go.
The price climb began earlier in the week, when BTC moved past $112,000 and then $119,000 stages. The latest push past $121,000 sent market shockwaves through crypto platforms and futures markets.
Over 120,000 traders were hit by forced liquidations across all platforms, with short trades accounting for the lion’s share of losses.
Market watchers attribute this momentum to institutional demand, rising ETF inflows, and growing confidence around U.S. crypto legislation; dubbed “Crypto Week”. Major spot Bitcoin ETFs drew billions in fresh funds this week, supporting the rally.
Some analysts believe Bitcoin may now be set for a multi‑week uptrend. A break above $120,000 could open room toward $135,000–$140,000, though near‑term resistance remains just below that mark.
As BTC leads broader markets higher, altcoins like Ethereum, Solana, XRP and others have registered gains, though they remain behind Bitcoin’s pace.
The massive liquidations underscore the risk of leveraged trading and the swift impact of large price moves in crypto. Traders are now watching to see whether Bitcoin continues its uptick or starts dropping after the recent rise.
Also Read: Bitcoin and Ethereum Spot ETFs See Strong Weekly Inflows
