Global crypto markets experienced sharp volatility as more than $630 million in leveraged positions were liquidated across major exchanges. Long positions accounted for approximately $580 million of the total, underscoring a widespread deleveraging event driven by an abrupt intraday price downturn. Bitcoin plunged to $115,204 before stabilizing, its dominance rising as speculative altcoins bore the brunt of the sell-off. Ether fell to $3,687, XRP retraced under $3, and Solana dropped to $170, while BNB eased to $780 after surging above $855 the previous week.
The largest single liquidation was a $13.7 million Ether long on Binance, according to Coinglass data. Liquidations, which occur when collateral levels fall below maintenance thresholds, often exacerbate price swings as positions are forcibly closed. Traders monitoring real-time liquidation heatmaps and funding rates noted peaks around key support and resistance levels, indicating concentrated forced selling. Market participants view liquidation metrics as sentiment indicators, with high totals suggesting overextended positions and potential inflection points.
Speculative tokens faced the steepest corrections, with Solana-ecosystem projects such as Fartcoin, Pump.fun, and Jupiter underperforming broader market benchmarks. Technical analysis highlighted descending channel patterns and retests of moving averages, signaling waning short-term momentum rather than broad structural weakness. Bitcoin’s resilience above $115,000 provided a market anchor, with breakout above this level seen as crucial for resuming the bull cycle. Overall, the event served as a reminder of heightened risks in leveraged markets and the importance of prudent position sizing during periods of elevated macro uncertainty.
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