1.2 billion USD in bearish BTC liquidations concentrated at $107,000–$108,000.

According to CoinGlass's estimates, the maximum concentration of bearish BTC futures liquidations is between $107,000 and $108,000, amounting to approximately $1.2 billion.

Although it is impossible to predict what will trigger a breakthrough of 108,000 dollars to force these leveraged shorts to cover, concerns about U.S. fiscal debt are growing, and people are becoming increasingly optimistic. There remains uncertainty about how the government plans to achieve economic growth while reducing spending, especially amidst the ongoing divisions between Democratic and Republican lawmakers.
More importantly, the 20-year U.S. Treasury yield remains close to 5%, up from 4.82% two weeks ago. Weak demand for long-term government debt may force the Federal Reserve to step in as the last buyer to maintain market stability, potentially reversing a 26-month trend. This approach puts downward pressure on the dollar and prompts investors to seek other hedging strategies, including Bitcoin.

Although it is impossible to predict what will trigger a breakthrough of $108,000 to force these leveraged shorts to cover, concerns about U.S. fiscal debt are growing, and people are becoming increasingly optimistic. There is still uncertainty about how the government plans to achieve economic growth while reducing spending, especially given the ongoing divisions between Democratic and Republican lawmakers.
More importantly, the 20-year U.S. Treasury yield remains close to 5%, up from 4.82% two weeks ago. Weak demand for long-term government debt may force the Federal Reserve to intervene as the last buyer to maintain market stability, reversing a 26-month trend. This approach puts downward pressure on the dollar and prompts investors to seek other hedging strategies, including Bitcoin.
Gold dominates, but Bitcoin absorbs funds in reserve reallocation.
Gold remains the dominant alternative asset, but its increase of 24% from the beginning of 2025 to now, with a market value of $22 trillion, has diminished its appeal to many investors. In context, the entire S&P 500 index is valued at $53 trillion, while U.S. bank deposits and Treasury bills (M1) are valued at $18.6 trillion. In comparison, Bitcoin currently represents a $2.1 trillion asset class, roughly equivalent in size to silver.
At the same time, some regions, especially the United States, have begun laying the groundwork to transfer part of their gold reserves into Bitcoin—an action that could easily push BTC to an all-time high. These countries reallocating gold moderately into Bitcoin, at 5%, would result in an inflow of $105 billion, equivalent to 1 million BTC (priced at $105,000).
In the long term, the US-listed company Strategy, led by Michael Saylor, currently holds 576,230 BTC. There is no doubt that institutional buying remains a major catalyst for Bitcoin to break through the $108,000 level. This move will trigger the liquidation of high-leverage short positions, potentially accelerating the push towards historical highs. However, ongoing macroeconomic uncertainty continues to weigh on overall investor sentiment.
As Bitcoin hovers around the $107,000 mark, those holding short positions face a higher risk of forced liquidation—an outcome that could further drive prices up.