More than 172,000 crypto traders got wiped out in a single day as a brutal long squeeze swept through the market. Total liquidations hit $921 million within 24 hours, with Bitcoin alone accounting for $352 million of that tally. The selloff was so sharp that Bitcoin fell out of the world's top 10 largest assets by market cap — it now sits at 13th place.
The scale of the liquidation
Long positions took the brunt of the damage, making up more than 90% of all liquidations. Ethereum traders lost another $241 million, and smaller altcoins added to the pile. The numbers are stark: one day, 172,000 accounts closed out, mostly at a loss. That's not a blip — it's a full-blown deleveraging event.
Bitcoin's market cap ranking
Bitcoin's total market cap now sits at roughly $1.47 trillion. That's still enormous, but it's not enough to keep it in the global top 10. Gold holds the top spot with a market cap exceeding $31 trillion. For context, Bitcoin was comfortably in the top 10 just a week ago. The drop means it now trails behind companies like Saudi Aramco and Meta by market value.
Altcoins take a hit
Ethereum dropped 5.60% over the past week, BNB fell 2.50%, and XRP declined 3.15%. The pain isn't confined to Bitcoin — the entire market is feeling the pressure. Bitcoin itself is trading around $73,125, down 1.70% in 24 hours and 5% over the week. Those aren't catastrophic numbers on their own, but combined with the liquidation data, they tell a story of a market that over-leveraged and got punished.
Technical picture turns bearish
The indicators aren't offering much comfort. Moving averages across key timeframes show negative momentum. The Relative Strength Index sits at 36, still in neutral territory but pointing lower. Two oscillators are now flashing outright sell signals. That doesn't guarantee further downside, but it does suggest the selling pressure isn't done yet — at least not based on the charts alone.
