Bitcoin Breaks $118,600 Barrier in Historic Rally
Bitcoin achieved a major milestone this week, surging past $118,600 for the first time. The 8.4% weekly gain reflects growing institutional interest and favorable macroeconomic conditions. This record-setting performance has reshaped market dynamics, particularly for traders betting against the cryptocurrency‘s rise.
Short Sellers Face Significant Losses
Data from Coinglass reveals over $1.25 billion in liquidations, with $1.11 billion coming from short positions. Approximately 271,037 traders were affected, including an $88.55 million BTC-USDT short on HTX. This event marks the largest short squeeze of the year, demonstrating Bitcoin‘s continued volatility.
Bitcoin Enters Top Global Assets
The rally pushed Bitcoin’s market capitalization above $2.35 trillion, surpassing Alphabet (Google) to become the world’s sixth-most valuable asset. Analysts note the cryptocurrency now trails only Amazon in the rankings, signaling its growing mainstream acceptance.
Institutional Adoption Accelerates
U.S. spot Bitcoin ETFs have attracted over $50 billion in July alone, highlighting robust institutional demand. This sustained capital inflow validates Bitcoin’s role in diversified portfolios and suggests broader financial market integration.
Market Outlook and Considerations
While Bitcoin’s momentum appears strong, market participants should remain mindful of its inherent volatility. The cryptocurrency’s ability to maintain this trajectory will depend on continued institutional support and macroeconomic factors. Those exploring Bitcoin should prioritize thorough research and risk management.
