Bitcoin’s explosive surge past the $117,000 mark triggered a massive liquidation event, exceeding $1 billion in short positions. The catalyst for this dramatic price action was fueled by both institutional investment from BlackRock and general market volatility. BlackRock’s recent purchase of over $500 million worth of Bitcoin is seen as a strategic move to strengthen their position amidst the current market turbulence. The rapid price increase has led to significant short liquidation, with more than $379 million in leveraged positions being wiped out across thousands of traders. Analysts highlight that institutional buying, coupled with BlackRock’s investment, has helped stabilize the market, potentially laying the foundation for a more sustained price rally. This surge in Bitcoin activity follows Ethereum’s 15% price jump and $193 million worth of shorts liquidation, signaling a broader trend of increased institutional involvement and its potential influence on market dynamics.