Bitcoin slid under $75,000 on Friday, setting off a wave of forced selling that liquidated $917 million in leveraged crypto positions across exchanges. The sudden move caught many traders off guard, wiping out positions built up over the past week.
The liquidation wave
That $917 million figure covers both Bitcoin and altcoin positions, with the vast majority likely being long bets that got crushed as prices dropped. Liquidation data from major exchanges shows the event hit hardest on Binance and OKX, though the exact breakdown is still filtering in. For context, it's one of the larger single-day liquidation events this year — a reminder of how quickly leverage can turn a rally into a rout.
Bitcoin's slide
The dip below $75,000 marked a break below a level that had held for several days. Bitcoin had been hovering around $76,500 earlier in the session before selling pressure intensified. The drop accelerated through the afternoon, triggering stop-losses and margin calls in rapid succession. By the time the dust settled, Bitcoin had recovered slightly to trade near $74,800, but the damage was done.
There's no single catalyst cited yet. Some point to a large sell order on a spot exchange, while others note broader macro jitters. Whatever the cause, the leveraged crowd took the hit.
The $917 million liquidation tally is still being finalized as exchanges report their numbers. For traders nursing losses, the immediate focus is on whether Bitcoin can stabilize above $74,000 — or if more pain is ahead.
