There was a surge in liquidations of short positions when BTC hit $110,000 this morning.

Bitcoin briefly surpassed $110,000 on Thursday morning (3rd), triggering over $331 million in liquidations in the cryptocurrency market — mostly in short positions.

The price of Bitcoin has since fallen to $109,720, with a 1.8% increase on the day, according to CoinGecko data — just 1.8% below last month's all-time high of $111,814.

As a result of this movement, more than $101 million in BTC short positions were liquidated in the last 24 hours, according to CoinGlass.

Ethereum had a similar scenario, with $91.2 million in short positions liquidated. In total, more than $280 million (R$ 1.5 billion) in shorts, that is, positions betting on the decline of an asset, were liquidated across the cryptocurrency market in the last day.

All this movement occurred after the release of the ADP National Employment Report, which showed that private sector payrolls in the US fell last month for the first time since 2023.

"After the release, markets quickly adjusted their expectations regarding Fed policy, with the probability of a rate cut in July rising to 25.3%," said a Bitunix derivatives brokerage analyst in a note shared with Decrypt. "Gold rose, while the US dollar came under pressure. The crypto asset market reacted positively, with major assets recovering amid volatility."

Ethereum rose 5.5% in the last 24 hours, trading around $2,600 — the highest value since mid-June. Highlights include XRP, up 4.9%, Dogecoin with 7.3%, and Cardano with 7%.

Solana also rose 3.6% after the launch of the Rex-Osprey Solana ETF + Staking in the US, which saw $12 million in investments on its first day, on Wednesday. The US Securities and Exchange Commission (SEC) is expected to approve several other crypto asset ETFs this year, with a basket of Solana funds waiting in line.

US spot Bitcoin ETFs recorded inflows of $407.8 million on Wednesday, according to data from Farside, with Fidelity's FBTC leading, receiving $184 million. Meanwhile, Ethereum ETFs had outflows of $1.9 million on the same day.

"BTC broke its short-term downward trend line," said the Bitunix analyst, noting that the cryptocurrency is "approaching the key resistance level at $110,348. Support is in the zone between $105,000 and $102,560; if the price retreats but remains above these levels, the upward momentum may continue."