Bitcoin Surges 3.8% to $122,838, Whales Lose $190.61 Million in Liquidations

In a dramatic turn of events, the Bitcoin market witnessed a significant liquidation event triggered by an abrupt rise in BTC’s value. Market analyst Onchain Lens revealed that as Bitcoin surged to a new all-time high (ATH) of $122,838, two major traders, commonly referred to as whales, faced substantial losses totaling $190.61 million due to liquidations in their short positions.

The first whale encountered a liquidation of $98.10 million on the BTC/USDT pair on Binance, while the second whale experienced a liquidation of $92.51 million on the BTC/USDT pair on HTX. These liquidations occurred as BTC's value rapidly rose from $117,265.44 to its new high, causing the leveraged short positions of these traders to be liquidated. The sequence of events began on Sunday with an unexpected surge in BTC's value, which proved disastrous for leveraged positions. This incident underscores the risks associated with such trades and the potential for large liquidations to have a destructive impact on the crypto derivatives markets.

The current price of Bitcoin is $122,463, representing a 3.8% increase in the last 24 hours, with the highest intraday price reaching $122,838. This upward momentum follows the previous ATH of $118,872, reached last week on Friday, July 11, 2025. The asset's value has risen by 12.3% over the past seven days, 13.7% over the past two weeks, and 16.5% over the past month, indicating a strong influx of interest and capital into BTC positions.

The limited supply of Bitcoin, despite the daily mining of new coins, is a major driver behind its surging price. This scarcity, combined with the asset's reputation for wide price swings and the massive opportunities it presents, continues to attract investors globally. Additionally, the renewed political backing from the U.S. President and the potential for regulatory clarity from the review of the Anti-CBDC Surveillance State Act and the Genius Act stablecoin bills by Congress could further bolster market sentiment and encourage institutions to invest in Bitcoin and other crypto assets.