Bitcoin surged to an intraday high of $111,925 on Wednesday — just shy of its all-time high of $119,970 — amid a broader rally in risk assets on Wall Street.

Over the last 24 hours, data from CoinGlass shows that crypto shorts liquidated crossed $470 million, as traders betting against bitcoin were forced to close their positions.

Crypto exchanges Binance and Bybit accounted for the highest volume of those liquidations, but the single largest liquidation order happened on the HTX exchange on a BTC/USDT pair valued at $51.56 million.


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“Unsurprisingly, many retailers had been dropping out due to boredom or disbelief over the past few days,” noted market intelligence platform Santiment on X. 

“When retail shows FUD (whether through fear or impatience), these are usually prime spots for smart money to move in and accumulate. This time has been no different.”