Over 260,000 Traders Liquidated as Crypto Skyrockets — Massive Short Squeeze Sweeps the Market

TradingKey – On Friday, July 11, the crypto market erupted into a full-blown rally, triggering a massive short squeeze that wiped out more than $1.1 billion in bearish positions.

During Asian trading hours, Bitcoin (BTC) surged past $118,000, while Ethereum (ETH)  jumped nearly 9%, breaking through the $3,000 threshold for the first time in months. Bullish sentiment intensified across the board.

Bitcoin Price Chart – Source: TradingView.

Altcoins Join the Breakout

Led by BTC and ETH, altcoins posted explosive gains:

• Ethena (ENA): up 23%
• Sei (SEI) and Worldcoin (WLD): each up 22%+
• Arbitrum (ARB) and Fartcoin (FARTCOIN): up 19%+

Top Gainers – Source: CoinMarketCap.

Short Squeeze Triggers $1.2B in Liquidations

The rally caught short sellers off guard:

• Over 260,000 traders were liquidated in the past 24 hours
• Total liquidations exceeded $1.2 billion, with short positions accounting for nearly 90% of the losses
• BTC shorts alone lost $570 million, while ETH shorts shed $207 million

Liquidation Data – Source: Coinglass.