The $BTC broke the $118,000 barrier for the first time in history in the past few hours, leading to the largest wave of losses in 2025 for leveraged short sellers.

In the past twenty-four hours, positions worth over $1.13 billion have been liquidated, including $1.01 billion from short positions alone, marking the largest short position liquidation in 2025 so far.

In the past four hours, open interest in Bitcoin futures contracts has risen by $2 billion, with the ratio of long to short positions favoring the bullish trend at 52%, reflecting growing bets on continued price increases.

Meanwhile, Bitcoin options investors have increased their bets on a significant rise in the digital currency's price, as the historic upward wave continues for the second consecutive day, pushing the price above $118,000 for the first time in its history.

Amid this rise, open interest – the number of open options contracts – on the "Deribit" exchange has concentrated on call options with strike prices of $115,000 and $120,000. Open interest in long-term options contracts expiring at the end of September and December has also risen at levels of $140,000 and $150,000, indicating expectations for continued bullish momentum in the long term.

Short position liquidation and a shift in market appetite

The $BTC breaking through the $116,000 barrier led to a wide liquidation wave of short positions, with the liquidation value reaching $543 million in just one hour and $762 million over 12 hours, according to data from the specialized platform "Coin Glass."

This price breakout was largely driven by institutional demand, giving additional momentum to cryptocurrency traders' expectations, who linked this rise to the results of the November elections. With expectations of Donald Trump's return to the White House, the cryptocurrency market is likely to see a new era of lenient regulations.

In this context, one of the congressional committees announced that the week starting July 14 will be entirely dedicated to "cryptocurrencies," a move that enhances the importance of this sector in U.S. economic policy.

An uptrend driven by general optimism

The price of Bitcoin – the largest digital asset by market capitalization – has risen by nearly 25% since the beginning of the year, driven by a general uptrend that includes high-risk assets, such as stocks that have also reached new record levels.

Chris Newhouse, research director at "Ergonia," a company specializing in digital asset trading, pointed out that "the markets are currently showing strong bullish confidence, as evidenced by the movements of call options."

Positive funding supports long positions

Funding rates in the perpetual futures market for Bitcoin remain in positive territory, reflecting an increasing desire among investors to hold their bullish positions. These contracts are essential tools used by traders to speculate on price movements without a set expiration date.

Optimistic statements made by former President Donald Trump via his platform "Truth Social" on Thursday also helped bolster this optimism, as he indicated support for lenient policies towards the digital asset market.

Companies are entering the fray... and Bitcoin proves its strength

Mauricio de Bartolomeo, co-founder and CEO of "Leden," a company specializing in digital asset solutions, stated that this rise is also supported by expectations of increased demand from emerging cryptocurrency companies that are working on issuing stocks or debt instruments to load Bitcoin onto their balance sheets.

He added: "Strong institutional demand, along with the entry of new companies into the market, has driven the price to new record levels."

Despite global tensions… Bitcoin stands firm

Despite the major economic challenges facing the markets, particularly those related to tariffs that the Trump administration plans to impose in August, Bitcoin has maintained its upward trajectory, reaffirming its status as a distinctive investment asset.

In this context, Roshan Roberts, CEO of the trading platform "OKX US," said: "Bitcoin proves to be a unique investment class. As trade tensions rise and the value of alternative currencies declines, institutional investors continue to view $BTC as a strategic hedge and a mature asset. July seems to be a real test for the markets, and Bitcoin appears fully prepared."

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