Bullish crypto bets lose $1.6 billion as ETH, SOL, DOGE drop 9%
Crypto markets saw a major leverage flush as about $1.84 billion in positions were liquidated in 24 hours, the biggest wipeout since Feb. 5. Bitcoin fell below $66,000 and ether dropped under $1,900, with long positions accounting for $1.66 billion of losses. Bitcoin longs took the largest hit, followed by ether and solana. Binance processed the biggest share of liquidations. Open interest in bitcoin futures rose even as price fell, suggesting new short bets were added during the selloff. Retail traders on Binance, OKX, and Bybit remained net long, while whale accounts on OKX turned sharply bearish. Selling volume exceeded buying volume, and the data suggests the market has not yet found a clear bottom. A drop below $65,000 could expose $60,000.
