On July 11, Bitcoin shattered expectations by crossing the $118,000 mark, reaching a new all-time high amid surging market momentum and institutional demand.
The flagship cryptocurrency rose by 4.96% within 24 hours to trade at $116,618, as of writing. This rally was fueled by a blend of technical breakout, massive short liquidations, and growing inflows into spot Bitcoin ETFs.
Technical Breakout Triggers $591M in Short Liquidations
Bitcoin’s rise accelerated after it decisively broke resistance at $115,000 and crossed a descending trendline near $111,000. This triggered a wave of algorithmic buying and a cascade of short position liquidations totaling over $591 million within 24 hours, according to CoinGlass.
The derivatives market reflected this aggressive shift. Open interest surged by 34.3% to reach $1.13 trillion, while funding rates on perpetual futures jumped 142.77%. Both metrics indicate a sharp unwinding of bearish positions, reinforcing Bitcoin’s bullish trajectory.
ETF Inflows Add Fuel to the Fire
In addition to technical catalysts, Bitcoin also benefited from a spike in spot ETF inflows. Data from BlackRock and Fidelity show steady institutional buying pressure, a key driver behind the breakout. Total net inflows into U.S. Bitcoin ETFs exceeded $780 million over the last five trading sessions, as per The Block.
Here’s how the crypto community is reacting:
#Bitcoin just made history. $116K and counting. We’re entering uncharted territory and institutions are finally catching up. pic.twitter.com/dLTSuzAYD1
— Will Clemente (@WClementeIII) July 11, 2025
Conclusion
Bitcoin’s explosive move past $116,000 signals more than just a technical rally—it reflects a changing macro narrative where institutional capital is now flowing directly into digital assets via regulated vehicles. With increased liquidity and visibility, analysts now anticipate higher targets, with some predicting $120K before the end of the month.
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