$1B Liquidated as BTC and ETH Slide After Surge
Bitcoin and Ethereum drop over 4% after brief surge, triggering $1B in liquidations and impacting 219K traders.
- Bitcoin and Ethereum dropped sharply after initial gains
- $1 billion in crypto liquidations occurred in 24 hours
- Bybit saw a $10 million single liquidation on BTCUSD
The crypto market experienced a sharp reversal today as Bitcoin (BTC) and Ethereum (ETH) gave up their intraday gains and fell by over 4%. According to data from Coinglass, both major cryptocurrencies initially showed signs of a potential breakout but were hit by intense selling pressure later in the day. This unexpected pullback triggered widespread liquidations across the market.
The sudden drop affected a significant portion of traders, many of whom had placed long positions anticipating a continued rally. Instead, the market turned red, catching many off guard.
Over $1 Billion in Liquidations in 24 Hours
Within the past 24 hours, over $1 billion in positions were liquidated across various exchanges. Of this, more than $782 million came from long positions, reflecting the bearish reversal that took most traders by surprise. Over 219,500 traders were affected globally, highlighting the magnitude of the market’s reaction.
One of the most notable events was the largest single liquidation recorded on Bybit. A BTCUSD long position worth $10 million was wiped out, showcasing how high-leverage trades can rapidly turn sour during volatile movements.
What’s Driving the Drop?
Although there were no major headlines directly tied to this sudden shift, analysts point to broader market uncertainties and technical resistance levels being hit as likely triggers. Additionally, thin weekend liquidity and stop-loss cascades may have contributed to the intensity of the crash.
The current conditions underscore the risks of high leverage and the unpredictable nature of crypto price movements. Traders are now advised to stay cautious, especially as macroeconomic signals and crypto-specific developments continue to shape sentiment.
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