Leveraged long positions in bitcoin and ether suffered the largest wipeout since February after prices fell sharply overnight.
Crypto markets saw $1.84 billion in leveraged positions liquidated in the past 24 hours as bitcoin dropped below $66,000 and ether fell under $1,900. The sell-off marked the biggest liquidation event since February 5, with long positions accounting for $1.66 billion of the losses.
Bitcoin longs bore the brunt, losing $883.66 million, while ether longs shed $475.73 million and solana longs $91.18 million. The largest single liquidation was a $59.67 million BTC-USDT long on HTX. Binance, Hyperliquid, and Bybit handled most of the liquidations as bitcoin slid from above $71,000 to around $65,700.
Traders now view a break below $65,000 as potentially opening a path toward $60,000, reversing hopes that crypto would align with the recent global stock rally.