11-7-2025 – Cryptocurrency markets witnessed their largest liquidation event since January as over $1 billion in short positions were wiped out in a 24-hour period, with Bitcoin approaching $118,000 and setting fresh all-time highs.
Roughly 237,000 traders were liquidated in total, with the single largest hit being an $88.5 million BTC-USDT short on HTX, according to CoinDesk. Bitcoin shorts accounted for approximately $570 million of the liquidations, while Ether shorts contributed nearly $300 million to the total, as reported by CoinGlass data.
The massive liquidation cascade highlights the dangerous position many traders found themselves in as they bet against the cryptocurrency rally. Short sellers, who profit when prices fall, were forced to buy back their positions at significantly higher prices, creating additional upward pressure on already surging markets. The event represents a 2025 record for liquidations, surpassing previous highs recorded earlier this year.
Bitcoin’s relentless climb has caught many institutional and retail traders off-guard, with the leading cryptocurrency maintaining momentum despite widespread expectations of a pullback. Ethereum has similarly benefited from the market-wide rally, with both assets reaching new territory that has left bearish positions underwater.
The liquidation event demonstrates the extreme volatility still present in cryptocurrency markets, where leveraged positions can be quickly eliminated during rapid price movements. Several analysts projecting that ETH could test the $15,000 level before the close of 2025 if current trends continue, suggesting the rally may have further room to run.
