Bitcoin Smashes Past $121K, Triggers $680M in Liquidations as Shorts Take Heavy Losses
Bitcoin’s breakout above $121,000 has shaken the crypto markets, unleashing over $680 million in liquidations within 24 hours. Short sellers were hit hardest, with about $426 million in bearish positions wiped out, according to data from Coinglass.
The biggest casualty was a staggering $92.5 million BTC short liquidated on HTX, marking one of the largest weekend liquidation events in recent memory.
- Bitcoin (BTC) alone accounted for $291 million in liquidations.
- Ether (ETH) futures saw $68 million cleared.
- XRP faced $17 million in forced closures.
Beyond the major cryptocurrencies, coins like Stellar’s XLM and Pepecoin (PEPE) also saw notable liquidation activity, indicating the squeeze rippled deeper into the altcoin market.
Meanwhile, Dogecoin (DOGE), Solana’s SOL, and SUI witnessed rising open interest but only modest losses, suggesting stronger spot buying and less leveraged exposure in those tokens.
Liquidations occur when traders using leverage can’t meet margin requirements, forcing their positions to close. While brutal for those caught on the wrong side, these events help cleanse excessive risk from markets and often pave the way for fresh price trends.
Bitcoin’s rally over the past week has spurred broader gains across crypto assets. Many traders believe the market is shifting under increasing institutional influence, with eyes now turning to $130,000 as the next big target for BTC.
