The crypto market suffered a brutal single-day selloff. Bitcoin dropped from around $73,000 to $60,000 in 24 hours, hitting the key $60K level with an 18% decline. It later bounced to $63,966 at press time. Ethereum also collapsed, briefly falling below $1,800 to a low of $1,745.
$2.7 Billion in Liquidations, Nearly 600,000 Traders Hit
After Bitcoin broke below the critical $65,000 support — a key zone during the 2025 bull market — panic selling accelerated, triggering massive stop-losses and forced closures. According to CoinGlass, 589,196 traders faced liquidation in the past 24 hours, with total liquidations reaching $2.7 billion. The concentrated unwinding of leveraged positions deepened the downward spiral.
Excessive Leverage Amplifies the Sell-Off
Analysts attribute the crash to a combination of macro uncertainty, institutional profit-taking, and cascading deleveraging. Before the drop, the market's overall leverage ratio sat at historic highs, with many traders holding highly leveraged longs. Once prices turned, those positions were forcibly closed, piling on sell pressure and creating a vicious cycle.
Strategy's Bitcoin Position Shows $10.1B Unrealized Loss
The plunge dealt heavy blows to large holders. On-chain data shows Strategy's Bitcoin holdings are now underwater by over $10.1 billion. Tom Lee's Bitminr also saw its Ethereum stash suffer an unrealized loss exceeding $8.65 billion. For retail investors, the event serves as a stark reminder of leverage's two-sided risk. Historically, sharp corrections are followed by a consolidation phase. Traders should stay calm, reassess risk tolerance, and avoid impulsive moves driven by fear.