Bitcoin climbed to a fresh all-time high of $118,000 on July 11, 2025, triggering a massive wave of forced liquidations that wiped out more than $1.1 billion in short contracts over a 24-hour period, according to data from crypto futures tracking platform Coinglass.
Record Liquidations Mark Renewed Bullish Momentum
The surge, which lifted the flagship cryptocurrency by 4.82% in a single day, resulted in total liquidations across all exchanges of approximately $1.24 billion, with short positions accounting for roughly $1.09 billion — the largest single-day short liquidation event so far in 2025. In stark contrast, long positions worth only about $120 million were liquidated during the same period, underscoring the market’s overwhelming bullish sentiment.
A total of 261,866 traders were caught off guard by the rapid upward move. The largest single liquidation occurred on the HTX exchange, where a BTC/USDT contract worth a staggering $88.55 million was forcibly closed.
Bybit Leads Exchange Liquidations
Derivatives exchange Bybit suffered the highest volume of liquidations among major platforms, with $291 million in contracts wiped out — over 98% of which were short positions. HTX followed with $133 million in liquidations, while Gate.io, OKX and Binance posted $71.8 million, $54.61 million and $54.56 million respectively. Across all major venues, short liquidations vastly outpaced long liquidations, indicating that bearish traders were caught completely off guard by the sustained rally.
Broader Crypto Market Also Squeezed
The short squeeze extended well beyond Bitcoin. Ethereum (ETH) rose 7.04%, triggering $149.09 million in 24-hour short liquidations versus only $22.79 million in longs. Solana (SOL) and XRP each gained over 4%, with short liquidations totaling $14.34 million and $10.98 million, respectively, while long liquidations were minimal at $3 million and $1.15 million. Dogecoin (DOGE), up 5.91%, saw $4.73 million in shorts liquidated compared to just $1.58 million in longs. In total, the top five cryptocurrencies combined registered over $720 million in short liquidations in 24 hours, while long liquidations barely exceeded $40 million.
Market Implications
This event marks the most aggressive short squeeze in the crypto derivatives market this year, reinforcing the strength of the current uptrend. With Bitcoin breaking through the psychologically important $118,000 level and liquidations cascading, traders are now watching for potential follow-through or a possible snap-back. The data suggests that leverage on the short side has been significantly reduced, which could pave the way for further upside if buying momentum persists. However, the sheer size of the liquidations also raises caution about market overheating, as excessive volatility often precedes corrections.
Analysts note that the $118,000 breakout came amid increasing institutional interest and favorable macro tailwinds, including speculation about a US strategic Bitcoin reserve and growing adoption by sovereign wealth funds. The 24-hour liquidation data serves as a stark reminder of the risks associated with shorting in a rapidly appreciating market, and underscores the importance of risk management for both retail and institutional participants.