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Bearish Bitcoin Trader Loses $92M as Surge Wipes Out $426M in Short Liquidations
BTC alone saw $291 million in forced closures, with futures tracking ether (ETH) and XRP following at $68 million and $17 million, respectively.
Updated Jul 14, 2025, 1:13 p.m. Published Jul 14, 2025, 5:39 a.m.
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What to know:
- More than $680 million in crypto positions were liquidated in the past 24 hours, with short traders suffering the most as bitcoin surged above $121,000.
- Roughly $426 million of the liquidations were from bearish bets, marking one of the largest weekend liquidation events recently.
- Bitcoin's rally has led to a broader breakout in major crypto assets, with institutional influence shaping market structure.
More than $680 million in crypto positions were liquidated over the past 24 hours with short traders taking the bulk of the pain as a bitcoin breakout above $121,000 triggered a chain reaction across derivatives markets.
Roughly $426 million of the total liquidations came from bearish bets, according to Coinglass data, making it one of the largest weekend liquidation events in recent months. The largest single order, a $92.5 million BTC short, was flushed on HTX.
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BTC alone saw $291 million in forced closures, with futures tracking ether and XRP following at $68 million and $17 million, respectively. XLM (XLM) and pepecoin (PEPE) also posted elevated activity, signaling that the squeeze extended deep beyond major tokens.
Meanwhile, , Solana's SOL , and saw rising open interest, though with relatively smaller drawdowns, indicative of higher spot-based demand.
Liquidations occur when traders using leverage are forced to close their positions due to margin calls. While they often signal excessive positioning, they also serve as a reset mechanism for markets, flushing weak hands and clearing the way for new directional flow.
Bitcoin’s rally in the past week has sparked a broader breakout across major crypto assets. Traders say that market structure is evolving under the weight of institutional influence — with eyes on the $130,000 mark in the short term.
Read more: Bitcoin, Ether Traders Bet Big With Tuesday's U.S. Inflation Data Seen as Non-Event
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Rampant speculation on crypto derivatives platforms is fueling volatility and risking bitcoin’s image as a stable hedge, says BlackRock’s digital assets chief.
What to know:
- BlackRock digital-assets chief Robert Mitchnick warned that heavy use of leverage in bitcoin derivatives is undermining the cryptocurrency’s appeal as a stable institutional portfolio hedge.
- Mitchnick said bitcoin’s fundamentals as a scarce, decentralized monetary asset remain strong, but its trading increasingly resembles a "levered NASDAQ," raising the bar for conservative investors to adopt it.
- He argued that exchange-traded funds like BlackRock’s iShares Bitcoin ETF are not the main source of volatility, pointing instead to perpetual futures platforms.
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