Bitcoin Loses $106K as Bullish Crypto Bets Rack up $800M in Liquidations

Bitcoin fell below $106,000 in early European hours, causing approximately $1.2 billion in crypto positions to be wiped out over 24 hours, with most losses stemming from leveraged long trades (nearly 79% of total liquidations).

Bitcoin accounted for $344 million of the losses, followed by Ether at $201 million and Solana at $97 million. The largest single liquidation was a $20.4 million ETH-USD long on Hyperliquid, which, alongside traditional exchanges like Bybit and Binance, was a major venue for the activity. Liquidations occur when leveraged positions cannot meet margin requirements, sometimes triggering cascading sell-offs known as a "liquidation loop."

The market decline occurred against a tense macroeconomic backdrop, including renewed friction between the U.S. and China, which dented risk appetite. Bitcoin has now reversed most of its early-week gains, and analysts suggest the current dip is a controlled deleveraging event rather than panic.

(Source：CoinDesk)