Bitcoin briefly surpasses $118,000... Over 1.5 trillion won in virtual asset short positions liquidated

Bitcoin (BTC) briefly surpassed $118,000 on this day, reaching a new all-time high again, while short positions worth 1.5 trillion won were liquidated in just one day.

According to the cryptocurrency-specialized media CoinJournal on the 11th (local time), the total liquidation volume in the global crypto market over the past 24 hours reached $1.2 billion (about 1.65 trillion won). Of this, the liquidation amount for short positions alone reached $1.11 billion (about 1.52 trillion won). As Bitcoin surged more than 5% in a short period and hit $118,400 on this day, short positions across the market were swept out in succession.

Out of the liquidations that occurred, Bitcoin derivatives accounted for approximately $635 million, and Ethereum liquidations amounted to $208 million. The total liquidation volume increased by about 140% compared to the previous day.

Some whales injected additional funds to avoid liquidation. According to the on-chain analytics platform Lookonchain, one whale deposited an extra $5.5 million in USDC into the Hyperliquid exchange to raise the liquidation price to $121,080, aiming to prevent losses on a 1,135 BTC (about $132 million) short position.

There is also analysis in the market suggesting Bitcoin’s supply is rapidly declining. On-chain analytics firm Glassnode explained, "the cumulative buying by long-term holders and small investors is outpacing new issuance," and "the combination of low volatility and supply shortage is reinforcing Bitcoin’s bullish momentum."