The crypto market experienced a sharp sell-off, pushing Bitcoin (BTC) back to October 2024 price levels near $65,000 and triggering a $2.6 billion market-wide liquidation. The move marked one of the largest liquidation events in crypto history, ranking among the top 10 ever recorded, according to Coinglass data.


The sell-off was driven largely by aggressive unwinding of long positions, as volatility surged across major cryptocurrencies.

📉 Bitcoin & Ethereum Lead the Liquidations


🔸 Bitcoin (BTC)


Price: $65,030


24h change: -9.25%


Total liquidations: $1.38 billion


Long liquidations: $1.16 billion



Short liquidations: $221.5 million



This shows the sell-off was heavily long-biased, as overleveraged bullish positions were flushed out. Retail sentiment on Stocktwits remained “extremely bearish”, while discussion volume stayed extremely high, signaling panic-driven activity.

🔸 Ethereum (ETH)




Price: $1,910




24h change: -10.33%




Total liquidations: $576.34 million




Long liquidations: $455.72 million




Short liquidations: $120.62 million






Ethereum continued to dominate long-side capitulation among major assets. Retail sentiment improved slightly from bearish to neutral, though chatter levels remained extremely elevated.


👉 Combined BTC + ETH deleveraging exceeded $1.95 billion, highlighting a broad derivatives reset.

⚡ Bitcoin Faces a Volatility Shock


Analysts described the move as a positioning reset, with options-driven “max pain” dynamics playing a growing role.




Bitcoin’s implied volatility spiked to 88%, an extremely rare level




Futures liquidations reached historic extremes




Analysts suggest BTC may now be at or near “max pain”, where forced selling begins to fade




Market watchers believe the sell-off may be shifting from a directional dump to a phase driven by options flows and volatility compression, especially if macro conditions stabilize.

VanEck’s Matthew Sigel highlighted that:




BTC futures open interest dropped from $61B to $49B in just one week




This represents a 20%+ reduction in leveraged exposure




As Bitcoin increasingly behaves like a settlement FX asset, higher open interest levels may become normal due to ETF options and basis trading

🔻 Losses Spill Over Into Altcoins


The liquidation cascade spread across the altcoin market as correlated positions unwound:


🔹 Solana (SOL)

  • Price: $76.54

    24h change: -15.9%

    Liquidations: $187M

    Retail sentiment: Bullish, chatter surged sharply

🔹 XRP

  • Price: $1.27

    24h change: -12.5%

    Liquidations: $73.76M

    Retail sentiment: Extremely bullish, chatter remained very high

🔹Binance Coin (BNB)

  • Price: $620.49

    24h change: -10.6%

    Liquidations: $13.1M

    Retail sentiment: Bearish

🔹 Dogecoin (DOGE)

  • Price: $0.08

    24h change: -12.7%

    Liquidations: $23.87M

    Retail sentiment: Bullish, chatter increased

🔹 TRON (TRX)

  • Price: $0.26


    24h change: -4.1%


    Liquidations: $177K


    Retail sentiment: Bearish

🧠 Market Takeaway

  • 📉 One of the largest liquidation events ever


    🧹 Excess leverage has been aggressively flushed out


    ⚠️ Volatility remains elevated, but forced selling may be nearing exhaustion


    🔄 Market could transition from panic selling to range-bound, options-driven trading


In short:

This was not just a price drop — it was a full market reset.


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