Bitcoin (BTC) surged past the $30,000 level for the first time since June 2022, causing heavy losses for traders betting against a rise in prices. Over 87% of all liquidated future trades were short, resulting in losses of around $145 million. Huobi saw over $45 million in liquidations, followed by Binance and OKX at $35 million each.

The largest single liquidation order happened on Huobi, a bitcoin/tether trade valued at $11 million. The recent strength in bitcoin can be attributed to worsening economic conditions, which may lead to the adoption of decentralized assets among investors. Bitcoin's ongoing strength suggests that it is entering a new phase of strength and renewed interest from retail and institutional investors.