As the U.S. stock market opened, the cryptocurrency market experienced an accelerated sell-off. Bitcoin broke below the $61,000 level, while Ethereum briefly fell below $1,600, putting both major assets under heavy downward pressure. The timing coincided closely with the equity market's opening, underscoring the continued correlation between crypto and traditional risk assets.
According to data from Coinglass, the futures market saw massive liquidations during this move. In the past hour alone, total liquidations across the network reached $160 million, with long positions accounting for $156 million—over 97% of the total. Over the past 24 hours, cumulative liquidations hit $1.238 billion, involving 260,647 traders worldwide. The largest single liquidation order took place on Binance's BTCUSDT pair, worth approximately $13.32 million, indicating that even large positions were not immune to the nosedive.
Bitcoin's support below $61,000 was tested, and Ethereum's psychological $1,600 level briefly gave way. The overwhelming dominance of long liquidations points to a rapid unwinding of bullish leveraged positions. This episode highlights how quickly leveraged positions can be swept away during sudden price shocks, with Coinglass data reflecting a broad clearing of market leverage and an abrupt cooling of bullish sentiment.