Bitcoin’s Wild Ride: $118K Mark Sparks a Liquidation Frenzy Worth Billions! 🤑

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According to the rather jolly chaps over at Coinglass, the spike on July 10th was the stuff of legends, marking what they dubbed as the most severe short squeeze of 2025 thus far. Yes, you heard that right! A short squeeze that could make even the stalwart of traders shed a tear or two. 😢

All in all, the smashing result saw more than 261,000 traders getting liquidated, which sounds exceedingly painful but likely began as a mere inconvenience at breakfast. The overall wipeout, combining both short and long positions, reached the rather staggering sum of $1.24 billion. And just to spoil the mood for longs, they contributed a measly $120 million to this fiasco, showcasing an atmosphere decidedly unfriendly to their cause.

Now, for all the curious cats out there, the single largest liquidation was a jaw-dropping $88.5 million BTC/USDT short position on HTX. The liquidation honours went gaily to Bybit with a staggering $291 million, while HTX, Gate, OKX, and Binance followed like a well-behaved choir, with their numbers sounding suspiciously like a lottery draw.

The pressure didn’t simply confine itself to that cocky Bitcoin fellow. Ethereum, in its grand fashion, decided to surge a cheeky 8.5%, leading to a staggering $215.22 million in short liquidations. Longs, bless their hearts, managed a mere $43.4 million. Meanwhile, Solana made a valiant leap of 4% and XRP joined the ranks with a robust 8% uptick, leaving the shorts thoroughly beleaguered. And who could forget about DOGE? With an almost undignified rise of 11%, it saw short-side liquidations creeping above $9.95 million—almost enough to warrant a tea party! 🍵

In this delightful round-up, the top five cryptocurrencies experienced nearly $910 million in short liquidations, while the longs sat in the corner with an underwhelming $40 million, further solidifying a rather bullish momentum that left bears rubbing their eyes in disbelief.

As our dear BTC continues to gallop toward the horizon, dastardly bearish traders are getting nicked left and right—and lo and behold, the market shows no inclination to slow down. Onwards and upwards, they say! 📈

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2025-07-11 14:23