Around 10 PM Beijing time on March 18, Bitcoin and Ethereum both plunged. Bitcoin rapidly fell from its high and broke below the $72,000 level, while Ethereum slipped to $2,200, catching many long traders off guard.
$294M Liquidated in 24 Hours, Over 109K Forced Closings
The sharp price moves triggered a cascade of forced liquidations. According to CoinGlass, more than 109,651 traders were liquidated across the crypto market in the past 24 hours, with total liquidation value reaching $294.38 million. Analysts noted that leveraged long positions had piled up above $74,000, leaving them vulnerable once support levels collapsed.
Hyperliquid Records $8.65M Single Liquidation
Among the liquidations, a single BTC-USD long position on the decentralized perpetual platform Hyperliquid was forced to close, resulting in a loss of $8.65 million — the largest single liquidation of the day. The event underscores the risk of extreme volatility even on DEX platforms for high-leverage trades.
Bitcoin is currently consolidating around $72,000. Open interest (OI) has declined after the mass liquidation, easing some short-term pressure, but market volatility remains high. Traders are advised to monitor the upcoming FOMC policy statement and manage risk accordingly.