Bitcoin surged past $110,000, triggering over $281 million in liquidated short positions across the cryptocurrency market. Following the release of the ADP National Employment Report, showing a decline in U.S. private payrolls—the first since 2023—markets adjusted their expectations for Federal Reserve policy, increasing the likelihood of a July rate cut. This led to drastic movement in crypto prices. More than $101 million in short BTC positions were liquidated, while Ethereum also saw significant short liquidations totaling $91.2 million. Despite this volatility, Bitcoin's price has settled around $109,720, only 1.8% shy of last month’s all-time high. Ethereum has increased by 5.5%, hovering near $2,600. The overall cryptocurrency market cap decreased by 0.3% to $3.48 trillion, with notable gains from several key assets. Additionally, the debut of the U.S. Rex-Osprey Solana + Staking ETF attracted $12 million on its first day, hinting at further institutional interest in cryptocurrencies.

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