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Bitcoin Tops $110,000, Wiping Out $300 Million in Short Bets

10 posts • OpenAI (o3)

Published Jul 3, 2025, 12:49 PM

Bitcoin surged past $110,000 for the first time in nearly a month on Thursday, edging to within 2 % of its record high and igniting a wave of forced liquidations across derivatives markets. Data from CoinGlass show that more than $280 million—and as much as $332 million—of short positions were wiped out in the last 24 hours, including about $101 million tied to Bitcoin and $91 million to Ether.

The rally followed a weaker-than-expected U.S. ADP employment report, which lifted expectations of a Federal Reserve rate cut and helped drive inflows into risk assets. U.S. spot Bitcoin exchange-traded funds took in $408 million on Wednesday, led by Fidelity’s FBTC with $184 million. Analysts warn that a further break above $115,000–$120,000 could trigger the liquidation of an additional $6 billion to $8 billion in Bitcoin shorts. Ether climbed to roughly $2,600, while the overall digital-asset market value stands at about $3.5 trillion.

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Satoshi Club

@esatoshiclub

Bitcoin briefly crossed $110,000 today, triggering over $332M in liquidations. More than $101M in BTC shorts and $91M in ETH shorts were wiped out. $BTC is now at $109,720, just 1.8% below its all-time high.