There's been a bit of a market shakeout over the past 24 hours, with $876 million in leveraged positions being wiped out across the crypto space. This has forced more than 227,000 traders out of their positions and dragged Bitcoin close to losing its six-figure handle, according to CoinGlass.
The timing wasn't random. Bitcoin's price structure broke down in late trading, causing a painful drop that cut through key levels without any resistance almost at all. In just minutes, BTC fell from around $102,800 to just above $100,000, triggering a brutal series of forced liquidations. Bitcoin has recovered a bit, but it's still just a little above $100,000.
At the moment, $100,000 is a really important technical and psychological level for Bitcoin. If it drops below that, it could mean more losses, especially if confidence stays low and there's more selling pressure in the next session. Especially when traditional markets will open.
Most of the damage came from long liquidations, which accounted for $777.56 million — about 89% of the total. This shows how much the market had been tilted toward bull bets.
On the other hand, short positions saw $98.85 million go down the drain. Imagine a 8 to 1 ratio — that's absurd, but it is what it is.
Ethereum topped the list with $356.54 million in liquidated positions, with Bitcoin close behind at $192.89 million. SOL and XRP came in behind that with $45.47 million and $32.91 million, while the rest of the altcoin space added just over $93 million in total.
The biggest single liquidation was on HTX: A $9.15 million ETH-USDT position gone in a blink.
