Bitcoin surged to a historic all-time high of $112,000 on July 10, 2025, after breaking through prolonged consolidation below previous records. Though it briefly retraced to $111,230 (a 2.33% daily gain from its $108,693 opening price), the rally ignited a market-wide bullish wave. Altcoins like Ethereum (ETH) gained 4.5%, while Sui (SUI) jumped over 9% amid broad participation.
Derivatives markets faced devastation as CoinGlass data revealed $528-539 million in liquidations within 24 hours, with 85-88% ($453-470 million) stemming from short positions. Bitcoin accounted for $225 million in liquidations, and Ethereum contributed $148-156 million. Over 118,800 traders were affected, with HTX recording the largest single liquidation—a $51.56 million BTC-USDT short. Exchanges like Binance and Bybit each saw over $100 million in wiped positions.
Notably, Bitcoin's Open Interest rebounded rapidly post-liquidations, diverging from previous squeezes and signaling fresh long positioning. Analysts attribute the mass liquidation to extreme leverage and volatile price action, with Bitcoin's steady climb from its $108,477 intraday low catching bears off guard.