Crypto derivatives markets saw $1.61 billion in liquidations over 24 hours, wiping out a large amount of leverage in a short span. Long positions took the bulk of the damage at $1.36 billion, while short liquidations totaled only $255.65 million. The gap shows that traders had entered the decline with a strong bullish bias.
Bitcoin led the selloff as forced closures accelerated
Bitcoin posted the largest liquidation figure across the market, with about $737.62 million erased during the move. Long traders made up 84% of that amount. Once support levels gave way, automated liquidations added to the downside as leveraged positions were closed and fresh market sell orders hit the book.
At the time of the reported snapshot, Bitcoin traded near $63,748, down 5.07% over the previous day. Earlier, the asset had been hovering around $66,970. Price action showed a steady weakening before the sharper break, with lower highs and lower lows forming through the session before the drop intensified.
Ethereum and Solana recorded heavy long liquidations
The liquidation wave spread well beyond Bitcoin. Ethereum saw roughly $367.9 million in liquidated positions, and about 85% of those losses came from longs. The pattern suggests that bullish positioning had been broad across major assets before the correction hit.
Altcoins were also caught in the reset. The “Others” category recorded nearly $383.95 million in liquidations, pointing to wide participation across smaller digital assets. Solana stood out among major alternative coins with about $83.84 million liquidated, and around 93% of that total came from long exposure.
Price bounced after testing the $61,000 area
The steepest part of the move came after Bitcoin approached the $61,000 area, and the decline unfolded within several hours. The structure of the move matched the kind of cascading action often seen during liquidation-driven selloffs. Buyers later stepped back in, lifting Bitcoin back above $63,000.
Trading activity rose during both the decline and the rebound. Bitcoin’s 24-hour volume reached about $57.5 billion, while its market capitalization stood near $1.27 trillion. Attention in the reported market snapshot was centered on the $63,000 to $64,000 zone.