$BTC Bitcoin has broken $114,000 for the first time, with traders now betting on a $120,000 target
Bitcoin just smashed past $114,000, and traders on Deribit are already piling into contracts that bet it’ll hit $120,000 before the month ends.
The bets didn’t come out of nowhere. Open interest has surged around strike prices of $115K and $120K, with longer-term options aiming even higher to $140K in September, $150K by December.
This all unfolded as Bitcoin logged its second day of a record-breaking rally. The trigger? A combination of institutional demand and political expectations. Bitcoin is already up 20% this year. That’s alongside the S&P 500, which has soared 30% from its April lows. Both charts are pointing straight up.
Shorts liquidated as traders crowd into bullish positions
Deribit isn’t the only place traders are showing their hands. Chris Newhouse, head of research at Ergonia, a DeFi trading firm, said the breakout followed the biggest short liquidation event since May 7.
“Yesterday’s move to all-time highs came after the largest short liquidation event since May 7th, with approximately $447 million in positions liquidated,” Chris said. Bears had built up too much exposure, and the market punished them.
The wipeout slowed down slightly afterward. When Bitcoin crossed $112K on Wednesday, it triggered a wave of panic covering. But in the following 12 hours, only $76.5 million in liquidations took place—down sharply from the day before. Those numbers came from Coinglass, which tracks exchange activity. Traders who bet against the rally were forced out, and the rest leaned even harder into the upside.
The funding rate for Bitcoin perpetuals is still positive. That matters because it shows traders are paying to stay long, literally. It’s one of the clearest signs that bullish bets are dominating the futures market. No hesitation. People are riding this.
Trump’s comments and corporate demand lift confidence
Bitcoin just smashed past $114,000, and traders on Deribit are already piling into contracts that bet it’ll hit $120,000 before the month ends.
The bets didn’t come out of nowhere. Open interest has surged around strike prices of $115K and $120K, with longer-term options aiming even higher to $140K in September, $150K by December.
This all unfolded as Bitcoin logged its second day of a record-breaking rally. The trigger? A combination of institutional demand and political expectations. Bitcoin is already up 20% this year. That’s alongside the S&P 500, which has soared 30% from its April lows. Both charts are pointing straight up.
Shorts liquidated as traders crowd into bullish positions
Deribit isn’t the only place traders are showing their hands. Chris Newhouse, head of research at Ergonia, a DeFi trading firm, said the breakout followed the biggest short liquidation event since May 7.
“Yesterday’s move to all-time highs came after the largest short liquidation event since May 7th, with approximately $447 million in positions liquidated,” Chris said. Bears had built up too much exposure, and the market punished them.
The wipeout slowed down slightly afterward. When Bitcoin crossed $112K on Wednesday, it triggered a wave of panic covering. But in the following 12 hours, only $76.5 million in liquidations took place—down sharply from the day before. Those numbers came from Coinglass, which tracks exchange activity. Traders who bet against the rally were forced out, and the rest leaned even harder into the upside.
The funding rate for Bitcoin perpetuals is still positive. That matters because it shows traders are paying to stay long, literally. It’s one of the clearest signs that bullish bets are dominating the futures market. No hesitation. People are riding this.
Trump’s comments and corporate demand lift confidence