Crypto Sell-Off: $320M Liquidations as Bitcoin Falls Below $108K; Market Down 3.2%

Bitcoin slipped below $108,000, leading to $320 million in liquidations over the past 24 hours, coinciding with a 3.2% drop in the total crypto market value. BTC traded around $107,779, down 2.8%, while Ether and Solana also saw losses exceeding 3.5%. Data from CoinGlass showed 122,919 traders were liquidated, including a large $2.98 million ETH-USDT order on Binance. The selling pressure was accompanied by a $40.4 million net outflow from U.S. spot bitcoin ETFs on Monday, with BlackRock’s IBIT seeing a $100.7 million outflow. Sentiment, as measured by the Crypto Fear & Greed Index, settled in "Fear" at 34. Analysts noted that open interest (OI) fell by about 30%, effectively flushing out excess leverage, and funding rates moved near neutral, suggesting the market is less vulnerable to immediate cascading liquidations. This consolidation phase is viewed by some analysts as a necessary pause to shake out leverage before a potential larger upward move.

(Source：CoinDesk)