Crypto Shock: Over $330 Million in Shorts Wiped Out as Bitcoin Surges
Bitcoin Briefly Surpasses $110K, Liquidates $330M in Shorts: What’s Next
The global cryptocurrency market witnessed a stunning surge on June 10, as Bitcoin briefly crossed the $110,000 mark, sending shockwaves through trading floors and triggering massive short liquidations.
While Bitcoin later dipped to $109,449, the rally has reignited bullish sentiment across the entire crypto ecosystem—including Ethereum and Solana—amid growing institutional interest and easing geopolitical tensions.
Bitcoin Price Today: Surges, Pullback & Market Reactions
Bitcoin brushes past $110K—surprise move stuns traders
At around 5 a.m. on June 10, Bitcoin spiked to $110,277.93, up 1.38% from the previous day, according to CoinMarketCap. As the day progressed, some profit-booking brought it slightly down to $109,449.70, but that still marked a 3.74% increase day-on-day.
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Market Cap: $2.17 trillion (up 3.79%)
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24-hour Trade Volume: $58.15 billion (up 50.45%)
The CoinSwitch Markets Desk noted that this sharp rise caught many traders off-guard, resulting in over $110 million in short positions liquidated within just one hour, and $330 million throughout the day.
Ethereum, Solana also rally with Bitcoin
Ethereum wasn’t far behind. The second-largest cryptocurrency jumped 7.40% to $2,677.74, with a market cap of $323.26 billion and trade volume nearly doubling to $26.92 billion.
Solana also joined the bullish momentum, rising to $158.54 (up 5.16%), while its trading volume surged by 73.83% to $3.9 billion.
Total Crypto Market Cap Soars Past $3.4 Trillion
According to CoinMarketCap, the overall crypto market capitalization on June 10 reached a whopping $3.41 trillion, with 24-hour trade volumes hitting $134.11 billion—a clear sign of renewed interest from retail and institutional investors alike. Bitcoin Dominance Increases, Altcoins Lag Behind
On June 10:
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Bitcoin’s market dominance rose 1.41% to 63.6%
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Ethereum’s dominance ticked up by 0.43% to 9.5%
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Other altcoins dropped collectively by 1.84%, accounting for just 26.9% of total market share
The data reflects how the recent price surge has been heavily Bitcoin-led, with Ethereum following closely while most altcoins struggled to keep pace.
What Triggered the Bitcoin Short Squeeze
The surprise move was likely driven by technical breakout patterns and positive macroeconomic developments, including:
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An inverted Head and Shoulders pattern on the hourly chart (a classic bullish signal)
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Strong ETF inflows: Bitcoin spot ETFs saw $386.2 million in net inflows, while Ethereum ETFs attracted $53 million
According to Piyush Walke of Delta Exchange, Bitcoin trading above its anchored VWAP levels further reinforced positive momentum, signaling a strong underlying trend.
Expert Take: Greed Returns, But Will It Last?
Crypto analytics firm CoinSwitch believes a decisive break above $110K or below $100K will determine the next phase. A prolonged hold above $110K could mean a new all-time high is in sight.
CoinDCX research added that investor sentiment is “shifting from fear to greed”, indicating that the market may be entering a fresh bullish phase after weeks of consolidation.
What Is the Bitcoin “Inverted Head and Shoulders” Patter
This is a classic bullish reversal setup, where:
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The first dip forms the left shoulder
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The second, deeper dip creates the head
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The third, smaller dip forms the right shoulder
A breakout above the “neckline” usually leads to a price rally. As per Walke, the pattern projects a possible breakout target near $111,000.
Why Are Institutions Pouring Back Into Crypto
Several factors are boosting institutional confidence:
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Improved U.S.-China relations have reduced global risk appetite
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ETF inflows signal Wall Street’s growing comfort with digital assets
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Market volatility is attracting professional traders who thrive on price swings
According to Edul Patel, CEO of Mudrex, the resumed trade talks between the U.S. and China have “boosted investor confidence”, leading to a broader rally that included Ethereum, Solana, and other altcoins.
Stablecoins & Altcoins: Market Update
Notable updates from other major tokens:
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Tether (USDT): Stable at $1.00
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Market Cap: $155.22 billion (up 0.25%)
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Volume: $87.48 billion (up 53.04%)
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Solana (SOL):
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Price: $158.54 (up 5.16%)
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Market Cap: $83.22 billion
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Volume: $3.9 billion (up 73.83%)
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Despite Bitcoin and Ethereum taking the spotlight, altcoins like Solana are seeing strong volume inflows, suggesting diversified interest beyond the top two assets.
What Happens Next? Key Levels to Watch
Support Level:
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$105,600 is emerging as a key short-term support for Bitcoin. A dip below this could trigger another wave of liquidations.
Resistance Level:
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$111,000 is the next big target based on the technical setup.
If momentum continues, Bitcoin could be aiming for a new all-time high in the coming weeks, especially if macroeconomic sentiment remains stable.
June 10 was a milestone moment for Bitcoin and the crypto market, fueled by surprise upward momentum, record short liquidations, and renewed institutional interest. While it’s too early to declare a full-blown bull market, the technical signals, ETF inflows, and rising volumes are all pointing toward a potentially explosive summer for crypto investors.
As always, volatility remains high—so stay cautious, but optimistic.
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