Crypto Market Sees $151 Billion Loss Amid Major Liquidations
The crypto market experienced a significant downturn, losing over $151 billion in a single day. Data from CoinGlass shows that more than $1.7 billion in leveraged positions were liquidated within 24 hours, affecting over 402,000 traders.
- Ethereum faced nearly $500 million in liquidations.
- Bitcoin saw about $284 million wiped out.
- Altcoins like XRP, Solana, Dogecoin, and Hyperliquid fell 7–12%, ending the recent rally.
The decline began with BTC dropping below $113,000, leading to margin calls and sell-offs. Liquidations quickly surpassed $1 billion, highlighting the risks of leveraged trading.
Bitcoin Dominance Increases
- The Altcoin Season Index fell from 100 to 64, indicating a shift back to Bitcoin.
- BTC dominance increased to 57%, while ETH dropped to 13%.
- Smaller tokens suffered significant losses, with over $263 million in altcoins longs liquidated.
Market Outlook
- Some analysts see the pullback as a healthy reset, providing stronger support for long-term holders.
- Bitcoin and Ethereum ETFs are still attracting institutional demand.
- On-chain data reveals 420,000 ETH moving off exchanges, suggesting accumulation.
- The market's direction depends on Ethereum maintaining above $4,100 and Bitcoin stabilizing around $112,000–$114,000.
Despite current volatility, analysts anticipate this correction may set the stage for future upward trends in the ongoing bull market.