Key Takeaways
- Bitcoin smashed past $122,000, hitting a new all-time high.
- Leverage traders lost over $700 million in liquidations, mostly from shorts.
- Bitcoin short sellers alone accounted for $435 million in liquidations.
Earlier today, Bitcoin (BTC) officially broke through the $122,000 mark, setting a new all-time high (ATH) and sending shockwaves through the market.
While holders cheered, the same couldn’t be said for short traders wrecked by the breakout.
It’s the latest in a string of highs this past week, and with momentum accelerating, Bitcoin’s bull run might just be getting started.
Leverage Traders Lose Big
According to Coinglass data , the last 24 hours saw $701 million in crypto liquidations as traders on the wrong side of the trade got wiped out.
Over 124,000 traders were liquidated, with short sellers suffering the most, losing a staggering $590 million. In comparison, long traders lost just over $111 million.
Bitcoin short positions accounted for the lion’s share, with $435 million in liquidations, as BTC surged from $118,000 to over $122,000 in a monster Monday move.
Longs, meanwhile, lost just $9.35 million.
Ethereum (ETH) traders didn’t fare much better. In total, ETH liquidations topped $79 million, $52.7 million from shorts and $26.3 million from longs.
BTC Leads the Charge
Bitcoin has reclaimed the spotlight as the undisputed market driver.
After spending months stuck below $75,000, BTC kicked off a slow climb in late May. It cleared $100,000 in June, and now in July, it’s taking off.
If the pattern holds—and history often rhymes in crypto—August could push Bitcoin even higher.
A $150,000 price target no longer feels like wild speculation. Unless some black swan event hits the market, the momentum is clearly with the bulls.
But it’s not all sunshine for the rest of the market.
Altcoins Still Lagging
While BTC is making headlines, most altcoins are still trying to catch up. ETH finally broke above the $3,000 psychological level, but it remains far below its $4,400 all-time high.
For many alt holders, the hope is that an altseason will follow once Bitcoin cools off, just like previous cycles.
If that happens, altcoins like ETH, SOL, and others could soon begin their own major rallies.
Until then, it’s Bitcoin’s show, and it’s stealing the spotlight.
