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Meanwhile, BTC became the world’s sixth-largest asset after setting a fresh record, which pushed its market cap past $2.35 trillion.
Bitcoin’s Rocket Surge Sees Shorters Get Rekt
According to data provider Coinglass, more than $1.25 billion in positions were liquidated, with a whopping $1.11 billion of that coming from short sellers. This marks the largest short-side wipeout of this year so far.
Around 271,037 traders were liquidated in total, with the single largest hit being an $88.55 million BTC-USDT short on HTX. Bybit accounted for the largest share, at $461 million, with 77% of that figure on the short side. Binance and HTX followed, witnessing $204 million and $193 million, respectively.
Short liquidations happen when traders borrow capital to bet against soaring prices, only to get forcibly closed out when the market moves against them. These events are spontaneous, indicating they not only lock in losses but often bolster bullish momentum as positions are force-sold into a skyrocketing market.
 
Bitcoin’s epic ascent has been accompanied by growing institutional adoption. July has already seen spot U.S.-listed Bitcoin exchange-traded funds (ETFs) propelling cumulative flows to over $50 billion. This unwavering institutional demand validates Bitcoin’s transition from speculative asset to portfolio allocation.
Bitcoin Flips Google In Market Cap Rankings
Bitcoin has surpassed Alphabet (Google) to become the world’s sixth valuable asset by market capitalization.
As of July 11, Bitcoin’s market cap surged to $2.356 trillion, edging past Alphabet’s $2.173 trillion valuation, according to asset ranking data. Close behind is silver with a valuation of $2.161 trillion.
The alpha crypto is now setting its sights on the world’s fifth most valuable asset, Amazon, currently valued at $2.359 trillion.
Source: https://zycrypto.com/over-1-billion-crypto-shorts-get-rekt-as-bitcoin-smashes-through-118600-for-first-time/