Over the past 24 hours, around 232,149 traders have been liquidated as Bitcoin’s price rally triggered one of the largest short squeezes in recent months.

Data from CoinGlass shows more than $1.01 billion in crypto short positions were wiped out, including roughly $570 million in Bitcoin shorts and $206.9 million in Ether shorts.

Bitcoin’s price hit new all-time highs on consecutive days, reaching $112,000 on Wednesday and $116,500 on Thursday. Ether also rallied to $2,990 on Thursday.

Total crypto market capitalization jumped 4.4% in the past 24 hours to $3.63 trillion, according to CoinMarketCap.

“Bears in disbelief,” wrote analyst Miles Deutscher on X, summarizing market sentiment. Another trader, Daan Crypto Trades, described it as a “MASSIVE short squeeze on BTC & ETH,” while Velo remarked, “Lots of emails are being sent,” referencing panicked liquidations.

Meanwhile, the Crypto Fear & Greed Index stayed at a “Greed” score of 71, slightly down from last week’s 73, indicating continued optimism despite the turbulence.

This liquidation wave is one of the biggest since February 3, when over $2.24 billion was liquidated during fears of a global trade war following U.S. tariff announcements.

Earlier in the week, analysts had been split on whether Bitcoin could sustain its momentum. Bitfinex analysts noted on Tuesday that BTC showed “a lack of follow-through strength” around $108,500, citing hesitant bulls and uncertain macro signals.

However, some remained confident. Michaël van de Poppe of MN Trading Capital predicted on June 30 that a new all-time high could be imminent.

Looking ahead, traders are watching closely. If Bitcoin were to retrace to Wednesday’s level of $112,000, approximately $2.11 billion in long positions would be at risk of liquidation.