At around 00:30 UTC on February 13, a wave of selling swept through the crypto market. Bitcoin plunged from its evening high of $68,390, breaking below the $66,000 mark and erasing the gains from the previous session. The leading cryptocurrency traded 1.7% lower over 24 hours.
Ethereum followed suit, slipping under the crucial $1,900 level and posting a 2% decline in the same period. The two largest digital assets gave back their recent recovery gains in a matter of hours, reigniting bearish sentiment.
$111M Wiped Out — Longs Take the Heaviest Hit
According to Coinglass, total liquidations across crypto exchanges reached $111 million in the past four hours. Long positions accounted for $97 million of that figure, or roughly 87% of all liquidations, while shorts lost only about $13 million. The sharp downward move caught overleveraged traders off guard, triggering cascading liquidations.
Funding Rates Flip Negative as Traders Brace for More Volatility
Bitcoin's perpetual swap funding rate turned negative shortly after the drop, indicating a shift in sentiment toward bearish positioning. Open interest also contracted as both bulls and bears reduced exposure. Analysts warned that if bitcoin fails to reclaim the $66,000 level quickly, further downside could follow.
While the selloff has not triggered any systemic event, it highlights the market's sensitivity to macroeconomic uncertainty and lingering leverage. On-chain data and institutional flows will be closely watched in the coming days for signs of support or deeper weakness.