#bct Bitcoin has breached 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 speculators using leverage from short positions.

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 liquidation of short positions in 2025 so far.

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

At the same time, Bitcoin options investors have increased their bets on a significant rise in the prices of the digital currency, as the historic rally continues for the second consecutive day, pushing the price above $118,000 for the first time in its history.

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