$687,220,000 in Bitcoin Shorts Liquidated in Just One Hour As BTC Explodes To $116,000

$687,220,000 in Bitcoin Shorts Liquidated in Just One Hour As BTC Explodes To $116,000 - The Daily Hodl

The most successful asset of the last 15 years is once again annihilating the doubters. In the last hour, a total of $687.22 million in Bitcoin shorts have been liquidated, according to the crypto data aggregator CoinGlass.

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Bitcoin just exploded past $116,000, triggering a brutal short squeeze that wiped out $687.22 million in bearish bets in under an hour. Up 4.7% on the day, BTC’s market cap now surpasses Google, with only Amazon, Apple, Microsoft, Nvidia and gold ahead.

Macro analyst Martin Folb says the Wyckoff Accumulation phase is officially over and distribution is kicking off. He’s eyeing a climb to $125K on the way to $160K as Bitcoin tracks global M2 liquidity.