The crypto market saw a sharp sell-off, with Bitcoin BTC falling below $80,000 and trading at around $79,849 at the time of the snapshot, with a daily low near $79,557, while Ethereum ETH hovered around $2,300 amid clear selling pressure. 🩸
According to circulating data, liquidations of leveraged positions exceeded $838 million over 24 hours, in one of the fiercest liquidation waves in recent times. ⚠️
📊 Key takeaways from the liquidation map:
🔸 Bitcoin: About $236.28 million liquidated, around 94.9% of which were long positions
🔸 Ethereum: About $182.95 million liquidated, around 93.4% of which were long positions
🔸 Solana: Nearly $31.58 million in liquidations
🔸 NEAR: About $23.46 million
🔸 ZEC: About $22.69 million
🔸 Notable liquidations were also seen in coins such as HYPE, DOGE, XRP, and XAU 💣
Most of the losses came from long positions, meaning many traders expected the rally to continue. However, the rapid downturn forced exchanges to close their positions automatically. This type of liquidation can cause what is known as a “liquidation spiral,” where closing positions leads to more selling, followed by further declines and then more liquidations. 🔄📉
As for network activity, the chart shows significant Bitcoin flows and transfers between wallets and exchanges. This may reflect repositioning by large investors or preparations to sell or hedge, but it does not by itself prove that all these transfers indicate direct selling. 🐋
This pressure coincided with geopolitical concerns and circulating reports about the possibility of a new U.S. military escalation against Iran, prompting some investors to reduce risk and steer clear of highly volatile assets.
👀 At this stage, it is important to monitor:
✅ BTC holding above support levels near $79,500–$80,000
✅ ETH's ability to hold the $2,300 level
✅ A decline in liquidation volume and leverage
✅ Bitcoin flows into exchanges
