In an unexpected change in events, the Bitcoin market has experienced a significant liquidation event sparked by a sudden rise in BTC’s value, as market analyst Onchain Lens disclosed.
Short Positions Face Losses
As Bitcoin surged to a new ATH of $122,000 today, two whales experienced massive liquidations totaling $190.61 million, a new revelation reported by the analyst.
According to the data, the first whale encountered a liquidation of $98.10 million on BTC/USDT on Binance. The second whale witnessed a liquidation of $92.51 million on BTC/$USDT on HTX.
This means the whales opened short positions, hoping that BTC’s price would fall. However, they encountered significant losses today as the digital asset’s value rapidly rose from $117,265.44 to a new high of $122,000.
This price movement caused liquidations of the two traders’ leveraged short positions, amounting to $190.61 million worth of Bitcoin due to the unexpected price spike.
The sequence of events started on Sunday with an unanticipated surge of BTC’s value. This dramatic increase proved disastrous for leveraged positions, indicating the risks in such trades. This happening highlights the destructive potential of large liquidations within the crypto derivatives markets.
Why BTC Keeps Climbing
According to today’s trading chart, BTC’s value is currently hovering at $122,463. The largest digital asset has risen substantially by 3.8% in the last 24 hours, with the highest intraday price registered at $122,838.
This upturn momentum is a further move from the previous ATH of $118,872 reached last week on Friday, July 11, 2025. The monumental jump has made investors and traders ask why BTC is going up so steadily like this and what keeps it climbing.
The asset’s value has risen by 12.3%, 13.7%, and 16.5% over the past seven days, two weeks, and one month, respectively, indicating how much interest and money are moving into BTC positions.
While the mining of new coins happens daily, supply remains limited – this is a major driver behind the asset’s surging price. This colossal increase solidifies BTC’s reputation for wide swings and for the massive opportunities that attract investors globally.
One of the major reasons why BTC continues rising is the rejuvenated political backing by U.S. President Trump, and his support for cryptocurrency has bolstered market sentiment.
This week, Congress engages in reviewing the Anti-CBDC Surveillance State Act and the Genius Act stablecoin bills. If approved, these ground-breaking bills could usher in highly wanted regulatory clarity, encouraging institutions to pump capital into Bitcoin and other crypto assets.
