According to Coinglass data, over $1.25 billion in long and short positions have been liquidated in the cryptocurrency market within the last 24 hours. Bitcoin 
$75,610 futures experienced the largest losses, approximately $640 million, followed by Ethereum 
$2,348 futures, which saw a $260 million decrease. More than 268,000 investors were wiped out as the market saw a significant surge in prices. This wave brought a new peak for Bitcoin, reaching the $118,000 level.
The Wave of Liquidations Rocks the Crypto Market
CoinGlass reported that Bybit led the list of exchanges in terms of liquidation amounts, with a staggering $513.86 million, 93% of which were from short positions. HTX reported liquidations of $204 million, while Binance accounted for $228 million. The largest single loss occurred on the HTX exchange, a short position on the BTC/USDT pair worth $88.5 million. These figures emphasize the critical nature of risk management on platforms where high-leverage trades are concentrated.
Nearly 90% of the liquidations resulted from short positions opened in anticipation of price drops. As investors failed to foresee the sharp rise, the rapidly triggered stop-loss mechanisms created a domino effect, further accelerating price momentum. Consequently, short-term speculators were largely wiped out, intensifying the upward trend.
ETF Demand and Macro Developments Boost Market Strength
In the United States, the total capital invested in spot Bitcoin ETFs has surpassed $15 billion. BlackRock’s IBIT fund, holding more than 700,000 BTC, stands out significantly in the institutional arena. Continued inflows into ETFs are helping to stabilize Bitcoin’s price increase, forming the basis for a rally. According to analysts, as capital continues flowing into ETFs, the upward trend may persist throughout the summer.
On the macroeconomic front, U.S. President Donald Trump’s calls for reducing interest rates to 1% have also heightened risk appetite. Investors are moving towards high-strike call options in the futures market, with strike prices as high as $130,000, preparing for potential monetary expansion by the Federal Reserve.
The surge driven by Bitcoin has also fueled a robust rally in altcoins. Ethereum’s futures trading volume surpassed Bitcoin for the first time, pushing its price to $3,000, XRP to $2.60, Dogecoin 
$0.094979 to $0.20, and Solana 
$86 to $165. The activity in the altcoin market indicates that some investors are shifting their focus beyond Bitcoin.
