Bitcoin’s surge past $121K triggers massive liquidations as over-leveraged shorts get squeezed, signaling strong bullish momentum in crypto markets.
A $92.5 million Bitcoin short position on HTX led $426 million in bearish liquidations as BTC surged past $121,000, marking one of the largest weekend squeeze events in months. Total crypto liquidations exceeded $680 million in 24 hours, with BTC shorts accounting for $291 million and ETH following at $68 million.
The liquidation wave extended beyond majors, hitting XRP ($17M), XLM and PEPE positions, while DOGE, SOL and SUI showed rising open interest with minimal liquidations – suggesting stronger spot demand. These forced closures represent a market reset, eliminating over-leveraged positions and potentially paving the way for continuation toward $130,000.
Analysts note the liquidations reflect growing institutional influence on market structure, with traders increasingly viewing Bitcoin’s momentum as sustainable. The moves come despite looming macroeconomic events, as the market appears to discount potential negative catalysts.
CryptoFeedHub Note: This article is a rewritten summary based on external reporting. Original source: CoinDesk.