Bitcoin Bulls Crushed: Sub-$70,000 Crash Flushes $428M In Longs
Bitcoin fell below $70,000 for the first time since April 7, dropping nearly 5% in 24 hours to around $69,400. The decline hit traders hard in derivatives markets, triggering over $445 million in Bitcoin-related liquidations on centralized exchanges. Across the digital-asset sector, total liquidations topped $800 million, with more than $689 million coming from long positions, showing that bullish bets were overwhelmingly caught on the wrong side of the move. Bitcoin accounted for the largest share of losses by far, with over 95% of its liquidations tied to long positions. Ethereum held up better, slipping only about 0.7%, but still saw roughly $91 million in liquidations. The sharper Bitcoin drop may have been influenced by a rare sale from Strategy, while Ethereum saw continued buying from Bitmine.
