Over $1 Billion Liquidated in 24 Hours as Bitcoin and Altcoins Plunge Amid Market Meltdown

More than $1 billion in crypto positions had been liquidated in the previous 24 hours as a broad sell-off despatched Bitcoin from above $109,000 towards $105,000, with intraday prints close to $104,700 on some venues.

CoinGlass figures present roughly $717.7 million in perpetual futures liquidations alone, led by $372 million on BTC and $252 million on Ethereum (ETH). In all, virtually 290,000 merchants had been “rekt” as cascading margin calls rippled throughout exchanges, amplifying volatility and slippage in skinny order books.

The transfer follows a failed try by BTC to reclaim the $116,000–$123,000 resistance zone earlier in the week. Technicians now flag $104,000 as first protection and $100,000 as the subsequent main assist, whereas a push again above $112,000–$114,000 may stabilize worth motion.

Leverage Unwinds Batter Altcoins; High-Profile Traders Hit

Altcoins lagged as capital rotated towards Bitcoin and stablecoins in the course of the broader risk-off transfer. The most vital single liquidation occurred on HYPE, the place an ETH-USD place price $20 million was force-closed amid cascading margin calls.

BNB fell double digits from current highs; XRP slid towards $2.20 as open curiosity fell from $9 billion to $3.5 billion following a $610 million liquidation occasion, even as Volatility Shares filed for a 5x leveraged XRP ETF. Meme cash had been hit hardest as on-chain information present aggressive de-risking and decreased spot depth.

The rout additionally claimed well-known degens. James Wynn suffered a number of liquidations on $kPEPE longs, together with a wipe of 9.79 million kPEPE ($66,000) as he re-levered into subsequent dips.

Machi Big Brother noticed a string of ETH lengthy liquidations (one block of 206 ETH, $787,000) as worth slipped under $3,800. Tracking providers be aware Machi’s cumulative drawdowns now far exceed earlier positive factors, an object lesson in the hazards of high leverage throughout volatility spikes.

What to Watch Next: Levels, Flows, and Volatility

Short time period, merchants are centered on:

• Levels: BTC assist at $104,000 then $100,000; resistance $112,000–$114,000 and $116,000. For ETH, assist $3,800–$3,900, resistance $4,200–$4,400.
• Flows: ETF internet flows, stablecoin liquidity, and trade balances, renewed inflows would validate buy-the-dip habits and rebuild depth.
• Derivatives: Open curiosity, funding, and skew. After the purge, cleaner positioning may cut back tail danger however choices exercise implies elevated implied vol forward.

Macro headlines (tariff rhetoric, progress information, and the U.S. authorities shutdown’s knock-on results) stay the wild card.

If BTC holds $104,000 and ETFs flip again to internet inflows, a spread rebuild is probably going; lose it, and the market’s gaze shifts to the psychological $100,000 spherical quantity with wider collateral results throughout altcoins.

Cover picture from ChatGPT, BTCUSD chart from Tradingview

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