Bitcoin Hits New ATH As $1 Billion in Shorts Get Blown Out of the Water (Altcoins Still on Vacation)

By Stocks News   |   4 weeks ago   |   Stock Market News
Bitcoin Hits New ATH As $1 Billion in Shorts Get Blown Out of the Water (Altcoins Still on Vacation)

With stocks opening lower yet again (thanks to Trump dragging out tariff deals with more countries than a backpacking college student) Bitcoin’s just standing in the corner, smoking a cigar, and doing its best Jordan Belfort impression: “I’m not f**ing leaving.”

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Case in point, Bitcoin just officially hit a new all-time high… topping $118,872 before doing its usual “come back down just enough to keep us all humble” routine. At the time of writing, it's holding strong above $118K, and the magic $120K line is right there in its crosshairs. Now you might be wondering: if the Fed started the year talking big with 5–6 rate cuts (and has followed through with exactly zero), and there’s no fresh round of stimmie checks or the money printer going BRRR… what’s juicing this rally? 

Well, it ain’t Dogecoin memes on reddit this time. The real engine is institutional money… the kind that wears $5,000 suits and calls it “digital asset exposure” instead of “YOLO.” Spot bitcoin ETFs are sucking in cash like they’re running a pyramid scheme (relax, they're not… allegedly). Just yesterday, we saw (checks notes) $1.18 billion flow into bitcoin ETFs in a single day… the biggest haul of the year.

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(Source: Bloomberg)

And with that flood of money comes chaos… glorious, liquidating chaos. Over $1 billion in shorts got absolutely obliterated in the past 24 hours. Nearly a quarter million traders were on the wrong side of the move. One poor soul reportedly took an $88 million hit in one trade. May their wallet rest in peace.

Meanwhile, altcoins are like that one college band: used to draw a crowd, now lucky to get booked at a bar with working plumbing. Solana, Ripple, Cardano… the whole crew is sitting in the crypto unemployment line, checking LinkedIn to see if Ethereum’s hiring. (Trust me: it’s not.)

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I think I’ve mentioned him before… but I’ve got a buddy (won’t say his name to save embarrassment) who put over $100K into altcoins. He’s currently down 80% and claims “it’s all part of the cycle.” Yeah bro, so is denial.

The truth is, the crypto cycle isn’t doing a full rotation this time… it’s doing a funnel. And all the liquidity is flowing straight into Bitcoin. That’s because the big boys (BlackRock, Fidelity, and every hedge fund that once laughed at crypto bros) now have federally blessed ETFs to park their cash in. Of course, in addition to Wall Street going full crypto junkie. Michael Saylor’s MicroStrategy is still on its “Buy Bitcoin, ignore reality” world tour, holding over 600,000 BTC with an average buy-in of $66K. At this point, Saylor’s a Bitcoin-backed nation state.

Add in Trump’s executive order creating a national crypto reserve, the Senate’s passage of the GENIUS Act to regulate stablecoins, and the market suddenly looks like it’s getting the big-boy version of crypto legitimacy… no chains or Lambos required.

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If Bitcoin breaks $120K this week, don’t be shocked if Jim Cramer ditches rate talk and sh*tty stock picks entirely and starts doing a three-part docuseries called “Who Is Satoshi?” with dramatic re-enactments and voiceovers by Morgan Freeman.

And if you’re still sitting there waiting for “the right entry”… congrats, you’re already in the next short squeeze.

At the time of publishing this article, Stocks.News doesn’t hold positions in companies mentioned in the article.

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