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Bitcoin Smashes All-Time High
The crypto world witnessed one of the most explosive moves in recent months, as Bitcoin surged to a new all-time high of $116,500 on Thursday, wiping out over $1 billion in short positions.
According to data from CoinGlass, approximately $1.01 billion in shorts were liquidated in just 24 hours, as 232,149 traders were caught off guard by the sudden bullish momentum. Among the liquidated positions, Bitcoin accounted for $570 million, and Ether (ETH) for nearly $206.93 million.
This historic rally didn’t just affect Bitcoin and Ether. The broader crypto market experienced a major spike, with the global crypto market cap jumping 4.4% to hit $3.63 trillion, as reported by CoinMarketCap.
This two-day surge marks a significant turnaround for Bitcoin, which touched $112,000 on Wednesday before climbing even higher on Thursday, defying expectations and leaving short-sellers scrambling for cover.
Traders Face Brutal Shakeout
The unexpected surge triggered widespread liquidations across the market, with analysts describing the event as one of the most intense “short squeezes” in recent memory.
Crypto analyst Miles Deutscher summed up the sentiment in a single phrase: “Bears in disbelief.” The rapid rally forced those betting against the market to close their positions at a loss, adding fuel to the fire.
Another well-known trader, Daan Crypto Trades, echoed the sentiment by describing the event as a “MASSIVE short squeeze on BTC & ETH.” Similarly, crypto trader Velo noted the intensity of the liquidations with a tongue-in-cheek comment: “Lots of emails are being sent.”
While this $1 billion wipeout was significant, it wasn’t the largest in crypto history. One of the biggest liquidation events occurred on February 3, when over $2.24 billion in leveraged positions were wiped out due to macroeconomic fears triggered by then-President Donald Trump’s tariff policy.
Market Analysts Split on Direction
Interestingly, earlier this week many analysts were skeptical about Bitcoin breaking through its previous all-time highs. On Tuesday, analysts at Bitfinex pointed to signs of weakness in Bitcoin’s momentum, stating:
“Bulls are hesitant or unable to push prices significantly higher without fresh catalysts or clearer macro signals.”
At that point, Bitcoin was trading around $108,500, and traders appeared divided on the next move. The sentiment was cautious, with many waiting for either strong institutional activity or broader macroeconomic clarity to push the market higher.
However, a few bullish voices stood out in the crowd. Michaël van de Poppe, founder of MN Trading Capital, predicted on June 30 that:
“The inevitable breakout to an ATH on Bitcoin might even happen during the upcoming week.”
His forecast proved spot-on as Bitcoin shattered resistance levels just days later.
What’s Next for Bitcoin Prices?
With this rally catching bears off guard, attention now turns to where Bitcoin is headed next. While the bullish momentum is undeniable, some are warning of a potential retracement. According to on-chain data, $2.11 billion in long positions could be at risk if Bitcoin drops back down to $112,000.
That said, traders are now betting on Bitcoin stabilizing or climbing further, especially with growing institutional interest and bullish market sentiment taking over social media and trading desks.
Many market watchers are also keeping an eye on Ether, which surged to $2,990 on Thursday and may follow Bitcoin’s lead if bullish momentum continues.
Additionally, with growing speculation about U.S. spot Ethereum ETF approvals and broader macroeconomic easing, the environment remains supportive for further upside.
Conclusion
The past 24 hours have reminded the crypto world of Bitcoin’s notorious volatility — and its ability to move the market in a matter of hours. Over $1 billion in liquidated shorts reflects the risks of leveraged trading, but also the sheer power of Bitcoin when momentum kicks in.
While bulls celebrate and bears regroup, one thing is clear: the crypto market’s unpredictability is alive and well, and its potential for dramatic moves remains unmatched in global finance.