Bitcoin’s New High Comes at a Price — Over $700M in Liquidations

Earlier today, Bitcoin (BTC) officially broke through the $122,000 mark, setting a new all-time high (ATH) and sending shockwaves through the market.

While holders cheered, the same couldn’t be said for short traders wrecked by the breakout.

It’s the latest in a string of highs this past week, and with momentum accelerating, Bitcoin’s bull run might just be getting started.

Leverage Traders Lose Big

According to Coinglass data, the last 24 hours saw $701 million in crypto liquidations as traders on the wrong side of the trade got wiped out.

Over 124,000 traders were liquidated, with short sellers suffering the most, losing a staggering $590 million. In comparison, long traders lost just over $111 million.

Bitcoin short positions accounted for the lion’s share, with $435 million in liquidations, as BTC surged from $118,000 to over $122,000 in a monster Monday move.

Longs, meanwhile, lost just $9.35 million.

Ethereum (ETH) traders didn’t fare much better. In total, ETH liquidations topped $79 million, $52.7 million from shorts and $26.3 million from longs.

BTC Leads the Charge

Bitcoin has reclaimed the spotlight as the undisputed market driver.

After spending months stuck below $75,000, BTC kicked off a slow climb in late May. It cleared $100,000 in June, and now in July, it’s taking off.

If the pattern holds—and history often rhymes in crypto—August could push Bitcoin even higher.

A $150,000 price target no longer feels like wild speculation. Unless some black swan event hits the market, the momentum is clearly with the bulls.

But it’s not all sunshine for the rest of the market.

Altcoins Still Lagging

While BTC is making headlines, most altcoins are still trying to catch up. ETH finally broke above the $3,000 psychological level, but it remains far below its $4,400 all-time high.

For many alt holders, the hope is that an altseason will follow once Bitcoin cools off, just like previous cycles.

If that happens, altcoins like ETH, SOL, and others could soon begin their own major rallies.

Until then, it’s Bitcoin’s show, and it’s stealing the spotlight.

About the Author

Prashant Jha

Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.

His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.

Beyond his professional pursuits, Prashant is an avid music enthusiast, often exploring diverse genres to unwind. A sports lover, he has a particular passion for cricket and frequently engages in discussions about the game. His multifaceted interests and sharp journalistic instincts make him a valuable contributor to CCN, where he continues shaping the crypto landscape's narrative.

[email protected]