In the past 24 hours, more than $1 billion in crypto short positions were liquidated, according to data from Coinglass. The bulk of these liquidations came from traders betting against Bitcoin, just as the market saw another strong push upward, driven in part by continued ETF inflows and a supportive macro backdrop.
This wipeout was led by Bitcoin futures, which accounted for $590 million of those liquidations. Ethereum futures were next in line, causing $241 million in losses. One of the biggest single hits was an $88.5 million short position on Bitcoin (BTC-USDT) on the exchange HTX. In total, about 237,000 traders were liquidated in this 24-hour period. The overwhelming majority, nearly 90%, were trying to profit from a market drop that never happened. Instead, they got caught on the wrong side of a powerful rally.
However, most of the liquidations happened on Bybit and HTX. Bybit alone saw $461 million in liquidations, with over 93% of those being shorts. Binance and HTX followed closely with $204 million and $193 million in liquidations, respectively.
Bitcoin touched a new all-time high above $118,000 today, with investor demand still rising through spot ETFs. Over $15 billion has now flowed into these products since they launched, and data shows institutional buying hasn’t slowed down. BlackRock’s IBIT ETF alone holds more than 700,000 BTC, and its rising revenue now rivals some of BlackRock’s biggest legacy offerings. Analysts suggest this kind of steady inflow is helping to stabilize price action and may continue to support Bitcoin through the summer.
Alongside ETF demand, the broader macro environment is also playing a role. With Donald Trump pushing for aggressive interest rate cuts, potentially down to 1%, risk assets like Bitcoin are seeing renewed appeal. Traders are now positioning for what they expect could be a friendlier environment for crypto under future policy shifts. Many are piling into call options at higher strike prices, including $130,000, showing that sentiment remains strong.
Ethereum is also making headlines. In a rare flip, ETH surpassed Bitcoin in 24-hour futures volume, suggesting trader focus may be broadening beyond BTC. With growing expectations around a spot ETH ETF approval, Ethereum may be next in line for a surge in institutional attention. XRP jumped above $2.57, DOGE crossed $0.19, and Solana posted a 5% gain, all on the back of renewed market optimism. The broad-based rally suggests traders are rotating into altcoins after accumulating Bitcoin, anticipating wider market gains if ETF inflows and regulatory clarity continue.
The broader macro environment, particularly Donald Trump’s push for aggressive interest rate cuts, is renewing appeal for risk assets like Bitcoin. Traders are positioning for a more favorable crypto environment under future policy shifts, evident in rising call options.
Altcoins are following Bitcoin’s breakout, with Ethereum surpassing Bitcoin in 24-hour futures volume in a rare flip. XRP, DOGE, and Solana also posted significant gains, indicating a rotation of liquidity from Bitcoin into altcoins as market optimism spreads.
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