Bitcoin Continues to Hit All-Time Highs... Surpasses $116,000

Doohyun Hwang

Summary

It was reported that Bitcoin and Ethereum recorded an all-time high and a recovery to $2,900 in 5 months, respectively.
Fueled by the Bitcoin surge, the futures market saw the liquidation of short positions worth $700 million.
Continuous net inflows into spot Bitcoin ETFs and expectations of rate cuts are cited as macroeconomic factors behind the uptrend.

*Photo=Muhammad Raid Ahyan 2105 / Shutterstock.com*

Bitcoin continues its unstoppable upward trend, setting new all-time highs day after day. Ethereum (ETH) also joined the bullish movement, recovering the $2,900 level for the first time in 5 months.

According to the cryptocurrency exchange Binance on the 10th (local time), Bitcoin surged by about 5% compared to the previous day, reaching $116,868 against the Tether (USDT) market. After surpassing $112,000 last night—marking a new high for the first time in about a month and a half—Bitcoin broke another record within a single day.

Thanks to Bitcoin's rapid rise, Ethereum, the leading altcoin, is also accelerating its rebound. On this day, Ethereum surpassed the $2,900 mark for the first time in 5 months, and its cumulative increase over the last three days reached about 14%.

This sharp rally led to the liquidation of short positions totaling $700 million in the futures market. In particular, the HTX cryptocurrency exchange saw a single liquidation of approximately $88.55 million in short positions—the largest on that platform.

Ryan Yoon, co-lead at Tiger Research, analyzed, "Since July 1, there has been a steady net inflow into spot Bitcoin ETFs. Additionally, President Donald Trump's repeated calls for interest rate cuts have enhanced expectations for improvements in the macro environment."

He added, "On-chain indicators showed sufficient potential for an uptrend, and after the surge, a 'short squeeze' from liquidated short positions added fuel to Bitcoin's further rise."

BTC

ETH