Bitcoin’s price dipped below $106,000, leading to significant losses among leveraged traders. Approximately $1.2 billion in crypto positions were liquidated over the past 24 hours. The majority of these liquidations were long positions, indicating that traders had aggressively bet on a price rebound earlier in the week. The largest single loss was a $20.4 million Ethereum long position on the Hyperliquid exchange.
The market downturn was influenced by macroeconomic factors, including renewed tensions between the U.S. and China and fluctuations in currency markets. These developments have dented investor risk appetite, contributing to the recent sell-off in cryptocurrencies.
Bitcoin accounted for roughly $344 million in losses, followed by Ethereum at $201 million, and Solana at $97 million. Other high-beta tokens like XRP and Dogecoin also experienced significant liquidations.
Exchanges such as Hyperliquid, Bybit, Binance, and OKX saw substantial trading volumes during this period, highlighting the active participation of both on-chain and traditional trading platforms in the market’s fluctuations.
The decline in Bitcoin’s price has erased most of its early-week gains, with the cryptocurrency now trading just below $111,000. Ethereum is also down about 4% on the day, trading just below $3,900.
