BTC and ETH Take the Hardest Hits
According to data, more than 180,000 traders were liquidated in the past day, with Bitcoin and Ethereum [ETH] accounting for the largest share of losses. BTC positions made up $277 million, while ETH followed closely at $263 million.
The downturn didn’t spare major altcoins either. Solana [SOL] lost $38 million, Dogecoin [DOGE] $18.7 million, and Ripple [XRP] $17.3 million in liquidations. The single biggest hit came from a $39.24 million BTC-USDT order on HTX.
Most of these wipeouts were tied to over-leveraged long positions, underscoring the risks traders take during volatile swings.
Did Bitcoin Trigger the Sell-Off?
Bitcoin’s sharp slide toward $110,000 appeared to be the primary driver of the liquidation cascade. Technical charts show BTC struggling to maintain strength above this psychological level, with bearish candles dominating the week.
The Relative Strength Index (RSI) currently hovers around 39, edging close to oversold territory. Ethereum also reversed after a 27% rally earlier this month, amplifying selling pressure across the market.
The synchronized declines in both BTC and ETH unnerved traders, resulting in widespread liquidations on major exchanges.
Market Voices: Just Another Day in Crypto
“No red candle is the best day. But that’s not life and we have to go through the tough liquidation days so that we can go up.” – Bobby Ong, CoinGecko Co-Founder
This sentiment reflects the cyclical nature of crypto volatility. Large-scale liquidations often purge excessive leverage, paving the way for healthier and more sustainable price action in the long run.
Looking Ahead
While the market remains fragile, analysts suggest that such liquidation events are not unusual in the history of crypto. They often precede stabilization and renewed momentum, though short-term uncertainty is likely to persist.
For now, investors are watching Bitcoin’s battle at the $110,000 threshold, as its next move could determine the broader market’s direction.
