Nearly $2 Billion Wiped Out in Crypto Liquidations Amid Brutal Sell-Off
The crypto market saw $1.91 billion in liquidations over 24 hours as the total market cap fell below $3 trillion.Summary
The cryptocurrency market experienced a significant liquidation cascade over the past 24 hours, totaling $1.91 billion across 391,164 traders, causing the total market capitalization to drop below $3 trillion for the first time in five months. Long positions accounted for the vast majority of these liquidations at $1.78 billion. Bitcoin led the losses with $929 million liquidated, mostly from long bets, followed by Ethereum at $403.15 million. On-chain data revealed major ETH whales were liquidated as the price fell below $2,900, with high-profile figures like Machi suffering substantial losses exceeding $20 million. Analysts attribute the rapid decline to heavy leverage, describing it as a "mechanical bear market" where forced selling creates a downward feedback loop, despite a lack of fundamental bearish news.
(Source：BeInCrypto)