The week has not officially started, yet the cryptocurrency market has already suffered a major blow. The leading digital asset Bitcoin broke below the $65,000 level, hitting an intraday low of $64,785 on Bitstamp, the first time this month it has dipped under this key psychological threshold. Simultaneously, traditional financial markets also faced pressure, with crude oil prices surging past $103 per barrel and Wall Street futures turning broadly negative, amplifying risk aversion.
Massive Long Liquidation: 86,277 Traders Wiped Out
According to Coinglass data, a total of 86,277 traders were forcibly liquidated over the past 24 hours, with total liquidations reaching $278 million. Of this, $234 million came from long positions, primarily concentrated in Bitcoin and Ethereum. Bitcoin fell about 1.2% on the day, while Ethereum suffered even deeper losses. Over $100 million in Bitcoin long positions and approximately $85 million in Ethereum longs were mercilessly wiped out, devastating leveraged traders.
“The crash in crypto came suddenly but was not without warning,” wrote X account Ash Crypto around 6:00 PM ET. “With U.S. stock futures opening lower and crude oil futures rising to $103, Bitcoin began to plummet.”
Macro Pressure Transmission: Oil Spike and Wall Street Futures Turn Negative
Bitcoin's decline is closely linked to growing unease in traditional markets. Futures markets pointed to a weak open Monday, and sentiment remained cautious ahead of a holiday-shortened trading week (markets closed Friday). As of 7:30 PM ET, S&P 500 futures were down about 0.5% to 0.6%, while Nasdaq futures similarly dropped 0.6% to 0.7%. Market commentator Jim Cramer wrote on X: “Always amazed at how small the Sunday night futures drop is when there's no sign of a deal. Only down 0.50. I'm guessing the big guys will enter before we go to sleep and expand the drop to 1.5%.”
Oil’s breach of $103 per barrel has exacerbated inflation fears and prompted selling pressure on risk assets. Analysts note that crude oil breaking through the $100 mark often quickly compresses investors’ decision-making time frames, leading to capital flight from high-risk assets, including cryptocurrencies.
Michael Saylor’s STRC: A Low-Volatility Haven
Amid this market turmoil, Strategy’s STRC preferred shares have gained attention for their ultra-low volatility and double-digit yields. MicroStrategy founder Michael Saylor emphasized that STRC’s volatility sits below all major asset classes and stocks, providing a unique risk-off vehicle for investors seeking stable returns. Despite its long-term alignment with Bitcoin, the preferred stock structure effectively absorbs market fluctuations.
Outlook: Can Bitcoin Hold Above $66,000?
As of press time (8:25 PM ET Sunday), Bitcoin has bounced from its low to trade at $66,778, showing remarkable intraday volatility. Analysts generally believe that whether Bitcoin can stabilize above $66,000 will depend on how traders interpret Monday’s opening moves. While Bitcoin briefly broke above $70,000 in March, the Delta index is not expected to return to an upward channel in the short term. Leveraged long holders remain on the front lines of pressure.
The broader cryptocurrency market capitalization fell 0.58% on the day to $2.28 trillion. For most of the trading session, the vast majority of crypto assets recorded only small percentage declines, but overall sentiment remains fragile.