Key Takeaways
Bitcoin’s drop below $110K wiped out over $800 million in positions, hitting 180K traders. The sell-off hurt, but analysts framed it as a reset that clears leverage.
Nearly $800 million in crypto positions were liquidated over the past 24 hours, putting Bitcoin [BTC] at the center of market attention.
At press time, BTC had fallen below the $110,000 level, raising questions: Did this sharp wave of liquidations stem directly from Bitcoin’s decline, or does it signal deeper fractures in overall market sentiment?
BTC and ETH lead $813M wipeout
In just 24 hours, over 180,000 traders saw their positions vanish as crypto liquidations topped $813 million.
Bitcoin and Ethereum [ETH] carried the bulk of the damage, with BTC accounting for $277 million and ETH trailed close at $263 million.
The pressure wasn’t limited to majors. Altcoins like Solana [SOL] ($38 million), Dogecoin [DOGE] ($18.7 million), and Ripple [XRP] ($17.3 million) also took heavy hits.
Data showed most liquidations came from over-leveraged longs, with the single largest order (a $39.24 million BTC-USDT position) recorded on HTX.
Did BTC trigger the sell-off?
Bitcoin’s slide to nearly $110,000 appeared to spark the liquidation wave.
The chart showed BTC struggling to hold above this psychological level, with bearish candles dominating the past week.
At the time of writing, the RSI hovered near 39, so oversold territory isn’t far off.
Similarly, Ethereum retreated following a robust 27% rally over the past few weeks, contributing to mounting pressure across the broader crypto market.
The simultaneous decline in both BTC and ETH likely unsettled over-leveraged traders, triggering a wave of liquidations on major exchanges.
Just another day
Commenting on the wave of liquidations, CoinGecko co-founder Bobby Ong summed it up neatly,
“No red candle is the best day. But that’s not life and we have to go through the tough liquidation days so that we can go up.”
Volatility is part of crypto’s DNA. While nearly $800 million in liquidations stung traders, such shakeouts often clear excess leverage. They help cause healthier price action ahead, too.
For now, markets remain fragile, but here’s hoping that the good times aren’t far behind.