Bitcoin Shorts Hit $2.42B in Biggest Liquidation Since 2020
Bitcoin surged to $118K on July 10, triggering $2.42B in short liquidations—the highest daily total in four years.
- $2.42 billion in Bitcoin shorts were liquidated on July 10
- BTC hit a new all-time high of over $118,000
- The liquidation surge marks the biggest since 2020
On July 10, Bitcoin traders betting against the market faced massive losses as the cryptocurrency broke through the $118,000 mark. According to data from CoinGlass, this sharp price increase caused around $2.42 billion worth of short positions to be liquidated in just 24 hours—a record-breaking figure not seen since 2020.
This mass liquidation event came as Bitcoin hit a fresh all-time high, pushing bearish traders out of the market. Short positions, which are essentially bets that Bitcoin’s price will fall, were automatically closed by exchanges as the price soared, triggering a liquidation wave.
Largest Short Liquidation Since 2020
This $2.42 billion liquidation is the highest daily amount in nearly four years. The previous records date back to the 2021 bull run, but the July 10 event surpasses even those spikes. The magnitude of the liquidation highlights just how unprepared many traders were for Bitcoin’s sudden rally.
The data reflects rising bullish sentiment in the crypto space, driven by growing institutional interest, spot Bitcoin ETF momentum, and a broader shift in global economic outlooks.
Market Outlook Remains Bullish
With Bitcoin reaching new highs, the market appears firmly in bullish territory. Many analysts see this as the beginning of a larger upward trend, with traders now reassessing their strategies after suffering major losses from shorting the asset.
The massive short squeeze may also signal further upward pressure as sidelined investors re-enter the market in fear of missing out on continued gains.
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