Crypto Faces Nearly $1 Billion In Liquidations As Bitcoin, Ethereum Crash
Summary
Bitcoin and Ethereum fell more than 5% over the past week, with Bitcoin briefly dipping below $73,000 and Ethereum sliding to around $1,990, its lowest since late March. The broader crypto market also weakened, with several altcoins posting larger daily losses. This selloff triggered a major derivatives wipeout: crypto exchanges recorded about $928.8 million in liquidations over 24 hours. Bullish positions accounted for most of the damage, at roughly $869.3 million. Bitcoin and Ethereum led the losses with $365.1 million and $242 million in liquidations, far ahead of Solana in third place. The squeeze reflected crowded long positioning and elevated funding rates before the downturn.
