Crypto derivatives markets saw $928.8 million in liquidations over the past 24 hours, with Bitcoin tumbling below $73,000 for the first time since early April. Ethereum followed suit, falling to $1,990 — its lowest since late March. Long traders took the overwhelming majority of the hit, accounting for $869.3 million of the total.
Longs Bear the Brunt
Of the near-billion-dollar wipeout, 93.6% came from long positions — traders betting prices would keep climbing. That's a $869.3 million squeeze in a single day. Bitcoin and Ethereum derivatives alone contributed $365.1 million and $242 million respectively to the liquidation cascade. The timing isn't great for leverage-happy bulls who've been riding the recovery narrative.
Bitcoin and Ethereum Sink Further
Bitcoin's drop below $73,000 puts it down more than 5% for the week. Ethereum's weekly losses are steeper, exceeding 6%. Both assets are now trading at levels not seen in roughly two months. The moves come without an obvious single catalyst — no exchange hacks, no regulatory bombshells — just a steady grind lower that accelerated overnight.
Solana and the Rest
Solana ranked third in liquidations with $26 million — a distant third behind the top two. That's barely a blip compared to the hundreds of millions flowing through BTC and ETH derivatives. For altcoins, the pain was real but concentrated; most names saw single-digit million liquidation totals. The market's message is clear: when the big two move, leverage gets wrecked fast.
The question now is whether the selling has further to run. Bitcoin is testing a zone that held in early April — if that support doesn't stick, the next level lower could trigger another wave of forced closures. No one's calling a bottom yet.
