ChainTech Africa

July 11, 2025 

Bitcoin (BTC) surged past the $118,000 mark in early trading hours Thursday, setting a new all-time high and triggering over $1 billion in short liquidations across the crypto derivatives market. The rally underscores continued bullish momentum in digital assets, driven by institutional demand, macroeconomic shifts, and broad investor confidence.

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Record-Breaking Move

BTC climbed more than 6% in 24 hours to breach the psychological $118,000 barrier for the first time in its history. The move caught many traders off guard, especially those betting against the rally.

Data from Coinglass shows that more than $1.04 billion in short positions were liquidated in the last 24 hours — one of the largest single-day liquidations since early 2021. Bitcoin shorts alone accounted for over $720 million of the total.

The spike has been attributed to a combination of factors including:

• Ongoing ETF inflows from institutional investors,

• Weaker-than-expected U.S. job numbers, stoking speculation of interest rate cuts,

• A global rotation into hard assets amidst geopolitical volatility.

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Institutional Buying Leads the Charge

Several spot Bitcoin ETFs reported significant inflows this week, led by BlackRock and Fidelity’s products, which have added nearly $650 million combined since Monday. These continued inflows are bolstering the bull case and lending strength to Bitcoin’s price stability even at elevated levels.

“Bitcoin is no longer just a speculative asset — it’s becoming a macro hedge,” said Marcus Lee, head of research at Argo Capital. “Institutional portfolios are increasingly treating it like digital gold.”

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Altcoins Follow, But Cautiously

Ethereum (ETH) and other major altcoins also saw green candles, though their gains lagged behind Bitcoin’s. ETH was up around 3% to trade near $6,550, while Solana (SOL) and Avalanche (AVAX) posted modest 2–4% gains.

Despite the altcoin rally, funding rates across major exchanges remain skewed, suggesting the market is still heavily focused on BTC leadership and cautious about altcoin exposure in the short term.

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What’s Next?

Analysts are split on whether Bitcoin’s move to $118K marks the start of a fresh leg up or a near-term top. Technical indicators suggest BTC is in overbought territory, but macro factors — including a dovish pivot from the U.S. Federal Reserve — could extend the rally further.

“A brief cooldown wouldn’t be surprising,” said crypto trader and analyst Alex Krüger. “But structurally, we’re in a strong uptrend with a lot of institutional tailwind.”

Options markets are now pricing in a 25% probability that BTC hits $125,000 before the end of July.

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The Bottom Line

Bitcoin’s breakout above $118,000 reinforces its dominance in the digital asset space and highlights how quickly sentiment can shift when institutional money enters the fold. While corrections are likely along the way, the broader trend appears intact — and bears are paying the price.

Stay tuned as the market digests this historic surge and investors assess what could come next in crypto’s evolving bull cycle.