#HODLTradingStrategy $BTC

Bitcoin's surge to $118,000 leads to a record liquidation of $1.25 billion

The Bitcoin derivatives market has just recorded new all-time highs as Bitcoin continued its rise, surpassing $118,000. The open interest (OI) for Bitcoin reached its highest level ever, and with it came liquidations exceeding $1.25 billion in a single day.

This surge highlights increased trading participation. At the same time, it raises questions about the sustainability of the current trend, especially amid rising warnings of potential long liquidations.

Liquidation of over $1.25 billion, 90% of which were short positions

According to liquidation data from CoinGlass, total market liquidations exceeded $1.25 billion over the past 24 hours. Of that, $1.12 billion came from short positions. Bitcoin alone saw liquidations exceeding $656 million.

CoinGlass reported that "over the past 24 hours, 265,106 traders were liquidated. The total liquidations reached $1.25 billion."

This indicates that traders heavily bet on a market correction once Bitcoin surpassed $112,000. But that correction never happened.