Bitcoin Soars Past $118,000, Wiping Out Over $1 Billion in Shorts

Bitcoin surged to an all‑time high above $118,000 today, igniting a dramatic short squeeze that erased more than $1 billion worth of bearish positions. This marks the single largest short‑liquidation event so far in 2025 .

📉 What happened:

In just 24 hours, short liquidations topped $965 million, with the rest coming from smaller liquidations in ETH and other coins .
Roughly 237,000 traders were impacted, including a standout $88.5 million liquidation on HTX .
The surge began as BTC broke past $112,000, triggering an initial wave of liquidations ($340 million) before accelerating into triple digits .

📊 Market context:

This rally pushed Bitcoin from around $70,000 in November to over $118,000—a staggering 68% gain . BTC dominance over ETH rallied back to 62.6%, with Ethereum also seeing $258 million in liquidations .

🔍 Why it matters:

Forced buying through leveraged liquidations intensified the price climb.
Whales beware: notable traders like James Wynn and @qwatio were caught in high‑leverage shorts and hit hard .
Liquidity reset: While open interest rebounded to ~$38 billion, fresh upwards momentum may stall until new liquidity zones form

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