The highest number short bets wiped out in a single day before this occurred in May, earlier this year, when $460 million in short positions were liquidated in a single day.

Bitcoin (BTC) ripped to a new all-time high in U.S. pre-market hours on Friday, surpassing $118,000 and wiping out over $1 billion in short bets – the largest single-day short liquidation event on record.

This is the second day in a row that BTC’s price has clocked a record high. Bitcoin’s price had pared some of its gains at the time of writing, but remained above the $118,000 mark with a gain of over 6%. On Stocktwits, retail sentiment surged to ‘extremely bullish’ from ‘bearish’ a month ago. In that time, Bitcoin’s price has gained more than 8%.

Bitcoin’s upswing also led to a rally in Ethereum (ETH), Ripple’s native token XRP (XRP), Solana (SOL), Dogecoin (DOGE), and Cardano (ADA), which saw the biggest upswing among major tokens. Cardano’s price jumped over 15% in the last 24 hours to touch $0.72, according to CoinGecko data.

Meanwhile, Ethereum’s price was trading just shy of $3,000 at the time of writing, with a gain of 7.6%. XRP saw a similar jump of 7.6% with its price crossing $2.6. Dogecoin’s price jumped over 10% and Solana’s token climbed 4% in the last 24 hours.

The iShares Bitcoin Trust (IBIT) was up 1.45% in pre-market trade to hit a fresh record, after hitting an all-time high of $64.81 on Wednesday when Bitcoin’s price surged past $112,000.

Stocktwits data predicted that sentiment and message volume indicated that there was room for Bitcoin to run after the apex cryptocurrency crossed the $112,000 on Wednesday. It showed that retail sentiment and message volume reset in late May, setting the stage for a breakout.

The sharp rally occurred after U.S. President Trump announced a fresh round of tariffs of up to 40% against Malaysia, Kazakhstan, South Africa, Myanmar, and Laos on Thursday. Meanwhile, Japan saw its tariff rate lifted to 25% and the new rates go live on Aug. 1.

The resulting surge in Bitcoin’s price led to the highest overall liquidations since February, when the crypto market saw over $2.29 billion in liquidations within 24 hours after the Trump administration sparked fears of a trade war with its first set of tariffs on Canada and Mexico. However, a bulk of those liquidations – $1.89 billion – came from long positions.

This time around, Bitcoin’s rally caught short sellers unaware. Of the $1.29 billion wiped out between Thursday and Friday, over $1.14 billion came from short liquidations – the largest single-day liquidation event on record – according to CoinGlass data.

The highest number of short bets wiped out in a single day before this occurred in May, earlier this year, when $460 million in short positions were liquidated in a single day.

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Read also: Bitcoin's Breakout Supported By Retail Sentiment Reset