Bitcoin slid below the $64,000 mark on Thursday, sparking a cascade of forced selling that wiped out $1.1 billion in leveraged positions across crypto derivatives exchanges. The move came without an obvious catalyst, but the damage was immediate: long traders who had piled on bets in recent weeks were caught in a sudden unwind. Data from multiple platforms showed the bulk of the liquidations hit within a few hours of the price breach.
The breakdown below $64,000
The price had been trading in a narrow range near $65,000 before suddenly dropping. Once it cracked the $64,000 support level, stop-losses and margin calls kicked in, accelerating the slide. Bitcoin briefly touched $63,500 before recovering slightly. The speed of the move took many by surprise — the entire decline played out in less than an hour.
$1.1 billion in forced exits
Liquidation data from derivatives trackers showed total losses of $1.1 billion across perpetual and standard futures contracts. Long positions made up roughly 90% of that figure, according to aggregated exchange data. It is one of the biggest single-day flushouts in the past quarter, and it highlights how much leverage had built up during the recent run higher. Open interest on bitcoin futures dropped sharply as positions were closed out.
Market fallout
The selloff rippled through the broader crypto market. Ethereum, Solana, and other major tokens all moved lower, though their losses were more contained than bitcoin's. Spot market volumes spiked as sellers rushed to exit. Some traders noted that the lack of a clear trigger makes the move harder to interpret — it may have been a simple case of too much leverage concentrated at a vulnerable price level.
The liquidation event has reset some of the frothier positions, but the market remains skittish. Traders are watching to see if bitcoin can hold above $63,000 in the coming sessions. Without a fresh catalyst, the next move could depend on how quickly leveraged players re-enter.
