Bitcoin climbed above $110,000 on 9 June, coming within sight of its record high, according to data reported by CoinDesk. The move extended a multi-week rally that added roughly $5,000 in a single day and pushed the largest cryptocurrency to its strongest level since the spring peak. The sharp upswing triggered a cascade of forced liquidations across derivatives markets. More than $110 million in Bitcoin short positions were wiped out in an hour, while total short liquidations across digital assets exceeded $202 million in a four-hour span, Cointelegraph reported. Market trackers later put the 24-hour tally at about $451 million. Ethereum mirrored the broader advance, jumping from about $2,600 late on 9 June to $2,800 on 10 June—its first break above that threshold since February, Barchart data show. The rally lifted the token back above its 200-day moving average and erased much of its year-to-date decline. Derivatives analytics indicate that more than $2.16 billion in Ethereum short positions stand to be liquidated if the price reaches $3,000, underscoring how leveraged bets are amplifying market volatility. Glassnode noted that earlier negative funding rates signaled a build-up of bearish positions now being squeezed by the sudden price surge.