Bitcoin (BTC) slid 18% from its Thursday high of $73,639 to an intraday low around $60,255, the lowest since October 2024. Ethereum (ETH) dropped about 10% to a nine-month low near $1,756 before rebounding to just above $1,900. BNB briefly fell below $600 before finding support, ending the day about 11% lower as spot Bitcoin ETFs faced outsized outflows of over $1.2 billion. Overall, the crypto market fell about 8.2% to roughly $2.27 trillion as liquidations mounted across leveraged venues.
Data from CoinGlass shows over $2.6 billion in liquidations in the past 24 hours, with about $2.31 billion from long positions led by BTC ($1.08B) and ETH (~$455M). Approximately 590,810 traders were liquidated, including a $12 million position on Binance. The downside pressure followed Bitcoin breaking key support around $70,000 and then $65,000, triggering a cascade of forced liquidations and amplifying market fear. The Crypto Fear and Greed Index plunged to 9, the lowest reading in over three and a half years, signaling extreme fear as institutional demand wanes.
Leave a Reply