Bitcoin Short Squeeze Sparks $118.8K ATH Amid $1.2B ETF Inflows
A massive Bitcoin short squeeze, triggered by over $12 billion in liquidated positions, propelled BTC above $118,800 to a new all-time high. In the past 24 hours, more than $1.2 billion in leveraged crypto trades were wiped out, including $567 million of Bitcoin shorts, after BTC closed decisively above the $109K resistance.
The Bitcoin short squeeze underscores growing institutional demand. U.S. spot Bitcoin ETFs recorded $1.18 billion in inflows this week, led by BlackRock’s IBIT. Corporate treasuries such as Strategy and Metaplanet also boosted Bitcoin holdings. A softer U.S. dollar and global de-dollarization trends add to bullish sentiment.
Selective altcoins joined the rally. Ethereum climbed above $2,879 and eyes $3,400–$3,750. Uniswap (UNI) cleared resistance at $8.64, targeting $10.36. Sei (SEI) and Hyperliquid (HYPE) invalidated bearish patterns and aim for fresh highs. Traders should watch key support levels—$110,530 for Bitcoin and $2,879 for Ethereum—to gauge trend strength.
Market participants should prepare for an extended crypto summer, with capital likely rotating from large-caps into high-potential altcoins and memecoins, mirroring the 2017 cycle.
Bullish
The combined news of a record Bitcoin short squeeze and robust ETF inflows creates a bullish outlook. Short liquidations have cleared resistance and ignited strong momentum, while institutional capital from ETFs and corporate treasuries underpins sustained demand. Select altcoins following Bitcoin’s rally further reinforce market breadth. In the short term, traders may see continued upside as key support levels hold. Over the long term, growing institutional adoption and historical rotation into high-potential altcoins suggest an extended bull cycle.