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Bitcoin is back in the new high headlines after setting a fresh all-time high of $118,254, surpassing its previous peak of around $111,000 recorded in May.
The milestone follows a sharp rally, with BTC gaining nearly 10% over the past week and about 5.9% in just the last 24 hours.
At the time of writing, Bitcoin is hovering near $117,795.
The latest push upward has had ripple effects across the broader crypto market, pushing total market capitalization to $3.73 trillion, up 1.7% in the past day.
BTC surge triggers $1.26B in liquidations
According to data from Glassnode, the recent price spike has led to widespread liquidations, primarily targeting short positions.
Over the past 24 hours, a total of 273,398 traders were liquidated, with the combined value of these positions reaching $1.26 billion.
Notably, $1.11 billion of that came from shorts, reflecting the surprise nature of Bitcoin’s upward move. Long liquidations accounted for a relatively smaller $146 million.
Bitcoin led the liquidation pack, with $660.74 million in total liquidated positions. Of that, $638.24 million were short positions, while $22.50 million came from longs.
Ethereum followed closely, seeing $251.89 million in total liquidations, $209.92 million from shorts and $41.97 million from longs.
Other assets like Hyperliquid’s HYPER token were also affected, with $42.89 million in liquidations.
The single largest liquidation order was recorded on HTX’s BTC-USDT trading pair, valued at $88.55 million. Exchange-level data shows Bybit and Binance saw the most action, accounting for $513.82 million and $229.33 million in total liquidations, respectively.
While technical indicators continue to suggest further upside for BTC, Bitcoin investor Joe Consorti highlighted compelling data to support the case for additional price growth. Consorti pointed out a potential macro-level correlation, suggesting that the rally could still have legs.
