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The crypto market experienced significant liquidations, totaling around $512.24 million, or about ₱28.9 billion, in the past 24 hours as $BTC went nearly up to the 112,000 mark, teasing the possibility of a new all-time high. Notably, 87.6% of these liquidations came from short positions that had bet against $BTC’s upward movement.
Bitcoin surged back up, breaking past key resistance at the $110,000 level and triggering over $512 million in total crypto liquidations. According to TradingView data, the price jumped more than 2% past $109,000 on Wednesday before crossing the $111,000 mark.
The surge pushed the token’s market capitalization beyond $2.2 trillion and lifted overall crypto sentiment. Ethereum’s $ETH also climbed 6% to $2,800, its highest in a month, as the market followed $BTC’s lead.
Analysts attribute the momentum to rising institutional demand, particularly from spot Bitcoin ETFs, which saw over $1.2 billion in net inflows since early July, based on Farside Investors data. A favorable regulatory environment in the U.S. and strong buying from Bitcoin treasury companies are also seen as key drivers.
Bitcoin is currently trading at $111,357, up 2.5% over the past seven days.
$BTC has hit several ATHs over the years, each marking a major milestone in its journey. Apart from the most recent ATH of $111,814 on May 22, 2025, here are some notable previous peaks:
On the other hand, according to Binance data, $BTC hit an intraday high of 111,999.79 $USDT earlier today, setting a new local peak. It is now trading at $111,246, reflecting a 2.32% gain over the past 24 hours.
According to Nigel Green, CEO of Devere Group, billionaire Elon Musk’s endorsement of the asset through his newly launched America Party marks a turning point in $BTC’s political and institutional evolution.
Green views Musk’s move as amplifying a trend that began under U.S. President Donald Trump, who earlier this year established a Strategic Bitcoin Reserve via executive order, a move that reframed$BTC as a national asset rather than a threat.
Moreover, the CEO emphasized that $BTC is no longer just a speculative asset but a political and economic tool gaining traction at the highest levels of power. He argueD that Musk’s involvement embeds the asset deeper into public life and accelerates institutional adoption globally. With both U.S. policy and politics now reinforcing $BTC’s role, global institutions are then being compelled to re-evaluate their stance.
Green concluded that Musk’s endorsement, combined with federal actions, is laying the groundwork for Bitcoin’s mainstream legitimacy and widespread institutional acceptance.
This article is published on BitPinas: Traders Busted as $512M in Crypto Liquidations Happened After $BTC Almost New ATH
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