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Over $1 Billion in Crypto Market Liquidations in 24 Hours
The prices of Bitcoin (BTC) and Ethereum (ETH) saw a sharp reversal today. According to Coinglass, both assets initially rose during the day but later lost more than 4% of their value. In the past 24 hours, market liquidations totaled over $1 billion, with $782 million coming from long positions. More than 219,500 traders were affected, and the largest liquidation on Bybit for the BTCUSD contract amounted to $10 million.
Yesterday’s price rally was supported by strong ETF inflows and optimism in the macroeconomic backdrop. However, excessive leverage among market participants, combined with the BtcTurk hack, became the catalyst for a sharp drop. Once BTC broke below the $120,000 level, a cascade of liquidations accelerated the decline, increasing pressure on the market.
Ethereum’s price remained above the $4,500 mark, indicating strong demand. Nevertheless, activity from large holders and profit-taking led to heightened volatility. The $4,200–$4,500 range remains a key support zone from which local rebounds are possible.
Technical indicators point to caution. MACD and RSI are signaling oversold conditions, which could trigger a short-term recovery if buyers hold key levels. However, the risk of another decline persists, especially if institutional selling intensifies.
From a liquidation standpoint, Bybit led the market. In just the past four hours, it forcibly closed $308.39 million worth of positions, 94.54% of which were longs. Binance recorded $126.79 million, OKX — $72.96 million, Gate — $66.71 million, and HTX — $40.96 million. The market shifted from euphoria to caution in just a few hours. Investors are advised to closely monitor support levels and manage risks to avoid losses in these highly volatile conditions.
