Disclaimer: This article is for informational purposes only and does not constitute financial advice. BitPinas has no commercial relationship with any mentioned entity unless otherwise stated.
📬 Get the biggest crypto stories in the Philippines and Southeast Asia every week — subscribe to the BitPinas Newsletter.
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.
- $BTC led the liquidations with $229.62 million, followed by $ETH, which saw $146.78 million liquidated in the past 24 hours.
- Among meme coins, $DOGE led with $7.04 million in liquidations, followed by $1000PEPE with $6.27 million and $WIF with $3.71 million.
- Meanwhile, altcoins also saw notable liquidations, with $XRP topping the category at $12.53 million, trailed by $SOL with $11.15 million.
- On the other hand, $MAGIC, a utility token powering gaming communities within the Treasure Metaverse, also saw significant liquidations, totaling $8.54 million.
Liquidation Breakdown in the Last 24 Hrs
- Total Traders Affected: 109,909
- Largest Single Liquidation: $52.56 million $BTC-$USDT trade on crypto exchange HTX
- Long Positions: $64.78 million in liquidations
- Short Positions: $448.83 million in liquidations
Exchanges’ Impact
- Bybit: $132.86 million (87.06% short positions)
- Binance: $128.89 million (79.14% short positions)
- HTX: $93.40 million (96.38% short positions)
- Gate.io: $77.86 million (92.7% short positions)
- OKX: $47.01 million (81.01% short positions)
- Hyperliquid: $23.48 million (97% short positions)
- CoinEx: $5.03 million (91.57% short positions)
- Bitmex: $2.39 million (82.87% short positions)
- Bitfinex: $1.33 million (54.2% short positions)
$BTC Surges to $112K
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.
$BTC Current Value
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:
- January 20, 2025: ~$109,356.00 during Trump’s inauguration and SEC leadership shift
- November 7 to 13, 2024: ~$91,203.83 following Trump’s re-election and pro-crypto policies
- March 13, 2024: ~$73,084 after Bitcoin ETF approvals
- November 10, 2021: ~$68,789.63, driven by inflation concerns and ETF launches
- April 14, 2021: ~$63,000 amid institutional adoption and ETF excitement
- December 17, 2017: ~$19,498 during the ICO boom
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.
Elon Musk’s Political Backing of Bitcoin Signals Institutional Shift
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
What else is happening in Crypto Philippines and beyond?
