Bitcoin surged past $110,000 for the first time in nearly a month on Thursday, edging to within 2 % of its record high and igniting a wave of forced liquidations across derivatives markets. Data from CoinGlass show that more than $280 million—and as much as $332 million—of short positions were wiped out in the last 24 hours, including about $101 million tied to Bitcoin and $91 million to Ether. The rally followed a weaker-than-expected U.S. ADP employment report, which lifted expectations of a Federal Reserve rate cut and helped drive inflows into risk assets. U.S. spot Bitcoin exchange-traded funds took in $408 million on Wednesday, led by Fidelity’s FBTC with $184 million. Analysts warn that a further break above $115,000–$120,000 could trigger the liquidation of an additional $6 billion to $8 billion in Bitcoin shorts. Ether climbed to roughly $2,600, while the overall digital-asset market value stands at about $3.5 trillion.