Bitcoin slid to near $78,000 during Asian morning trading, setting off a broad liquidation wave across the crypto market. CoinGlass data showed $581 million in liquidations over the past 24 hours, with $552 million coming from long positions and only $28 million from shorts. The largest single liquidation was a $21.59 million BTCUSDT position on Bitget.
Bitcoin erases weekly gains as major tokens fall
According to CoinDesk data, BTC dropped 3.2% in 24 hours and gave back all gains from the previous seven days, after briefly trading above $82,000. Solana (SOL) fell 5% to $86.98 and is now down 7% on the week. XRP lost 4.3% to $1.41. Ether (ETH) declined 3.3% to $2,189, bringing its seven-day loss to 5.3%, the weakest performance among major tokens.
BNB held up better than peers, down 3.9% on the day while still showing a 1.1% gain over the past seven days. Dogecoin (DOGE) slipped 4.2% to $0.1095. By liquidation totals, BTC led with $189 million, followed by ETH at $151 million.
Liquidation flow shows an overwhelmingly one-sided market
Almost the entire flush came from bullish positioning. In the $581 million liquidation event, about 95% was tied to long positions, showing how heavily leveraged the market had become on one side of the trade. Once prices turned lower, those positions were forced out quickly. The move in spot prices was notable, but the scale of liquidations pointed even more clearly to crowded leverage.
Macro pressure builds as inflation fears return
The crypto sell-off came alongside weakness in traditional markets. The S&P 500 fell 1.2% in its worst session since March, while the Philadelphia Semiconductor Index dropped 4%. The U.S. 10-year Treasury yield moved above 4.5%, Japan’s 30-year debt yield hit 4% for the first time, and long-dated U.K. bond yields reached a 28-year high. The dollar extended its weekly advance, and Brent crude settled above $105.
The report tied the shift in pricing to inflation. Hot CPI and PPI readings earlier in the week, together with elevated oil prices linked to the Iran conflict and the effective closure of the Strait of Hormuz, pushed traders to price in the possibility that the Federal Reserve could hike rates instead of cutting them. Crypto markets had been pricing easier liquidity through 2026. That view is now being repriced in the opposite direction.