Shocking! Bitcoin big pump to $118,000 clears the Bear Market, $1 billion in crypto assets "short positions" evaporated.

Bitcoin (BTC) has once again set a new historical high, reaching 118,426 USD during the Asian afternoon session today (11). With the price pumping, Bitcoin short positions have been severely impacted, with over 1 billion USD in short positions liquidated within 24 hours.

CoinGlass data shows that $1.01 billion in cryptocurrency short positions were liquidated, affecting 232,149 traders. This includes approximately $570 million in Bitcoin short positions and $206.93 million in Ethereum short positions.

This liquidation comes as Bitcoin hits a new high for the second consecutive day, while Ethereum soars to $2,990.

(Source: Coinglass)

Cryptocurrency industry faces impact

According to data from CoinMarketCap, the cryptocurrency market cap has surged 4.4% in the past 24 hours, reaching 3.63 trillion dollars.

Cryptocurrency analyst Miles Deutscher stated in a post on X (formerly Twitter) on Thursday: "The bear market is unbelievable."

Cryptocurrency trader Daan Crypto Trades on X referred to it as a "massive short squeeze of BTC and ETH."

Velo expressed a similar point of view and pointed out significant liquidation events, stating "a large number of emails are being sent."

The cryptocurrency fear and greed index remained stable on Thursday, with a "greed" score of 71 points (out of 100), down 2 points from last week's score of 73.

(Source: Alternative. me)

However, one of the larger cryptocurrency liquidation events occurred on February 3, after U.S. President Donald Trump signed an executive order imposing import tariffs. Due to escalating concerns over the global trade war, more than $2.24 billion in cryptocurrency was liquidated.

Earlier this week, some analysts expressed doubts about whether Bitcoin could reach new highs.

Traders are divided on whether Bitcoin will hit a new high

Bitfinex analysts stated on Tuesday that due to Bitcoin's difficulty in breaking through its current historical high, Bitcoin traders have shown a "lack of follow-through strength."

An analyst from Bitfinex stated on Tuesday that the trading price of Bitcoin is around $108,500, "without new catalysts or clearer macro signals, bulls are hesitant or unable to significantly push up prices."

However, others are more optimistic. Michael van de Poppe, founder of MN Trading Capital, stated on June 30: "The possibility of Bitcoin breaking its all-time high could even be realized within the next week."

Currently, traders are betting on prices remaining stable or further pumping.

If Bitcoin pulls back to Wednesday's price of $112,000, approximately $2.11 billion in long positions face liquidation risk.