Jul 11, 2025 6:05 PM IST
US Stock Market LIVE Updates: Over $1 Billion in Liquidations Shows Pain Hitting Crypto Bears
The skeptics are being left in the dust amid Bitcoin’s record-breaking rally, with over $1 billion in bearish crypto bets being liquidated over the past 24 hours.
More than 279,00 traders had positions wiped out over that period as Bitcoin surged to an all-time high of $118,847, according to data compiled by Coinglass. The largest single Bitcoin liquidation, valued at $88.5 million, was on the exchange HTX. Overall, about $1.29 billion in positions were wiped out across all tokens, the most this year.
“The conditions for a slow grind higher have been in place for some time,” said Augustine Fan, a partner at crypto trading platform SignalPlus. “Today’s move appears to be a product of that setup.”
Bitcoin broke out of a nearly two-month lull late Thursday, just as US President Donald Trump unleashed a trade salvo that sent stocks lower. By early Friday in London, the original cryptocurrency topped $118,000 for the first time and some options traders were targeting levels as high as $150,000. The crypto gains were widespread, with a host of tokens from Ether to Cardano notching big advances.
