A sharp surge in Bitcoin’s price above the $121,000 threshold precipitated over $1.145 billion in short liquidations across leading cryptocurrency exchanges. This massive liquidation event generated unprecedented market volatility while simultaneously impacting major altcoins including Ethereum (ETH) and Ripple (XRP), which recorded individual liquidation values between $68 million and $190 million.
The scale of liquidations shattered previous historical peaks, notably exceeding records set during the 2021 bull run. Institutional investors remained significant stakeholders throughout the event, with crypto treasuries collectively holding approximately 3.5 million BTC according to market data.
Major trading platforms including Binance, Coinbase, Bybit, and Deribit were directly affected by the liquidation cascade. Market analysts attribute the volatility to abrupt position unwinding forced by rapid price appreciation in Bitcoin, creating ripple effects throughout the digital asset ecosystem.