The cryptocurrency market witnessed a sharp pullback over the past 24 hours, with major assets like Bitcoin, Ethereum, and Solana posting significant losses.
The downturn coincided with widespread liquidations, totaling over $711 million, as leveraged positions were forcefully closed across exchanges.
Market Snapshot: Red Across the Board
As of the latest data, the leading cryptocurrencies recorded the following 24-hour declines:
Bitcoin (BTC) fell 2.73% to $106,000
Ethereum (ETH) dropped 6.35% to $2,640
Solana (SOL) declined 6.20% to $153.10
XRP shed 4.89% to $2.18
BNB fell 2.18% to $653.40
The steepest losses were seen in Ethereum and Solana, reflecting higher volatility among altcoins and increased speculative positioning.
Liquidation Cascade: $711M Wiped Out in 24 Hours
According to liquidation tracking data, over 147,000 traders were liquidated in the past day, totaling $711.48 million in forced position closures. The breakdown of liquidations is heavily skewed toward long positions:
- Long positions: $648.92M liquidated
- Short positions: $62.56M liquidated
The most severe liquidation event involved a single $201.31 million BTCUSDT order on Binance, highlighting the scale of leverage exposure and its consequences during rapid price reversals.
In the final hour of the drop alone, over $334.94 million was wiped out, with $329.61 million coming from long positions—indicating the suddenness and severity of the market reversal.
Despite the correction, Bitcoin is still trading above the key $106,000 support. Analysts note that as long as this level holds, the broader uptrend remains intact. However, any further downside could accelerate volatility and extend liquidations across the altcoin sector.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/crypto-market-hit-by-711m-liquidation-wave-as-bitcoin-ethereum-plunge/