BTC, XRP, ETH, ADA Plunge as Bitcoin Drop Liquidates $500 Million

Crypto markets experienced a significant wave of forced liquidations early Monday, wiping out almost $646 million in leveraged positions, primarily affecting long trades which accounted for nearly 90% of the total. Major exchanges like Binance, Hyperliquid, and Bybit each saw over $160 million in liquidations. This event dragged down prices, with Bitcoin falling over 5% to around $86,000 and Ether sliding over 6% to near $2,815, while altcoins like XRP, BNB, and ADA also saw substantial drops. Traders attributed the speed of the move to thin liquidity and ongoing macro uncertainty, noting that this purge followed a pattern of heavy long exposure building up before a cascade of forced selling. While open interest has decreased, suggesting cleaner positioning, elevated intraday swings are expected to persist until U.S. session liquidity improves.

(Source：CoinDesk)