Bitcoin climbed past $122,000 in early Asian trading on 11 Aug., prompting exchanges to liquidate roughly $30 million in short positions within about an hour, according to market-data monitors. Total liquidations across all cryptocurrencies exceeded $212 million over the previous 24 hours as leveraged bearish bets were forcibly closed. Ether also faced a squeeze, with analytics firms estimating more than $240 million in short positions wiped out during the same period while the token edged toward the $3,600 level. A further $1.32 billion in Ether shorts would be at risk if prices reach $4,700, exchange order-book data show. The rapid clearance of bearish wagers highlights the build-up of leverage in digital-asset markets. Bitcoin order books indicate that about $14 billion in additional shorts could be liquidated should the largest cryptocurrency extend its rally to $125,000. One large trader identified by on-chain data as wallet 0x5D2F moved $6 million in USD Coin to the decentralised exchange Hyperliquid to bolster collateral for a 1,267-BTC position worth roughly $154 million. The account’s liquidation threshold stands at $127,780, leaving limited room for further price gains before more forced buying is triggered.