Guys, this market is absolutely brutal.
Just moments ago, CoinGlass released some horrific 24-hour liquidation data: total liquidations across the market reached $751 million. The most painful part? $635 million of that came from long positions, accounting for a staggering 84.6%! Short liquidations totaled a mere $116 million, meaning longs got crushed by shorts 5.5 times as hard.
Just how devastating was this plunge? Let’s break down the brutal details one by one.
Even whales couldn’t take it: $31 million liquidated in a single trade
Of the $751 million, Bitcoin accounted for $306 million and Ethereum for $126 million. The two big players made up nearly 60% of total liquidations.
But the most jaw-dropping event was an order on the Hyperliquid platform: a single BTC long position was liquidated for a staggering $31.09 million!
$31 million—over 200 million yuan—vanished in an instant. What does this tell us? Even whales with enormous amounts of capital are powerless in the face of a one-way plunge. Many big players simply didn’t have time to add margin, or got complacent and failed to set stop-losses, only to be swept away by that massive red candle.
Why did the bulls get crushed so badly?
The mass liquidation of bulls wasn’t just bad luck—it was the result of three factors converging:
1. A sudden black swan: A wave of panic selling triggered by Nvidia CEO Jensen Huang’s resignation sent U.S. tech stocks tumbling. Bitcoin took a hit too, as fear spread instantly.
2. A technical breakdown: Bitcoin fell below the 21-week moving average at $73,000. Technical bulls lost heart, triggering a huge wave of automated stop-loss orders.
3. The market was overcrowded with bulls: After the market drifted lower for a while, countless people thought it had “bottomed out” and rushed in to buy the dip with leveraged long positions. But they were overleveraged, and the moment the market makers drove prices down with a sharp wick, they were wiped out.
Can you buy the dip now? Don’t try to catch a falling knife!
The market has left bulls badly shaken. This wave of liquidations has drained liquidity from the exchanges.
For futures traders: Keep your hands off the controls for now. The market is extremely emotional, and a long-and-short squeeze could happen at any time. Don’t see how far prices have fallen and jump into a long, hoping to catch a rebound. U.S. PPI data is due tonight, and if it comes in bearish, another massive red candle could leave you with no chance to recover.
For spot traders: This shakeout is a good thing—once the leverage is flushed out, prices can build a more solid foundation. Don’t go all in on spot. Keep a close eye on the strong support zone between $70,000 and $69,100. If prices reach it, averaging in through staggered buys is the way to go.
In a major bear market, simply surviving means you’ve beaten 80% of the crowd. Don’t use up all your ammo before dawn.
Did you get liquidated in this move? Or at what level did you get out near the top? Share your story in the comments and let everyone see how the survivors played it!