BTC's Epic Surge Shatters Records and Crushes Shorts in a Brutal Squeeze!

Bitcoin Soars to $118K, Leaving Traders Reeling

Hold onto your hats, folks! BTC's latest breakout didn't just set new records, it wiped out tens of thousands of traders in one of the most brutal short squeezes the market has seen in years. The crypto world is buzzing with excitement and panic in equal measure!

Fueled by skyrocketing momentum and a tidal wave of institutional demand, Bitcoin (BTC) has been on an unstoppable rise over the past few days, surging to a mind-blowing new all-time high of $118,000. This ain't no flash in the pan, people!

The uptrend unleashed a massive wave of liquidations across the market, with short sellers getting absolutely obliterated. According to CoinGlass, more than $1 billion in short positions were wiped out in the past 24 hours alone, marking the largest daily liquidation event in four years. It's a bloodbath out there!

The largest day of short liquidation in 4 years.😢

Over 232,000 traders felt the pain. Bitcoin shorts took the biggest hit, with a staggering $570 million wiped out, while Ether (ETH) shorts added another $206.9 million as ETH rocketed to $3,000. Altcoins? Forget about it! Dozens of high-leverage positions got crushed as prices surged across the board. It's like a financial tsunami!

The scale of the squeeze lit up liquidation heatmaps across major exchanges, with tons of high-leverage trades getting wiped out as prices broke past key levels. The biggest single loss? A jaw-dropping $88.55 million on HTX. And Binance? They saw about 5,000 BTC liquidated. It's like watching a high-stakes game of financial Jenga!

With BTC now holding strong near $118,000, analysts are calling for the rally to keep on rolling. The spike in liquidations comes on the back of some seriously strong fundamentals. Institutional inflows into spot Bitcoin ETFs are through the roof, macro sentiment is on the upswing, and risk appetite across markets is expanding like never before. It's a perfect storm for bullishness!

Together, these factors are supercharging bullish conviction. Bitwise CEO Hunter Horsley chimed in on the performance, forecasting that the positive trend will keep on trucking. He believes that Bitcoin is "detaching from the $100,000 range," predicting that the asset could reach up to $200,000 by year end. Buckle up, because this ride is just getting started!