Key Highlights
- The crypto market saw $578.63 million in liquidations over the past 24 hours, with $496 million of that coming from long positions.
- Bitcoin fell 5.15% to $62,624.1, while Ethereum dropped 5.08% to $1,687.24, triggering a broader altcoin sell-off.
- Open interest declined across major assets, signaling a sharp deleveraging event as traders rushed to cut risk.
The crypto market is under heavy pressure as a broad sell-off across major cryptocurrencies triggered more than $578 million in liquidations in the past 24 hours, according to CoinGlass data.
Bitcoin and Ethereum led the decline, but the weakness spread quickly across altcoins, including Solana, XRP, BNB, DOGE, and ZEC. The sell-off appears to have hit leveraged long traders the hardest, with liquidation data showing the market was heavily tilted toward bullish positions before prices broke lower.
Major cryptocurrencies post steep losses
The latest market snapshot shows that nearly all major assets were deep in the red over the past 24 hours.
| Asset | Price | 24h Change |
|---|---|---|
| BTC | $62,624.1 | -5.15% |
| ETH | $1,687.24 | -5.08% |
| SOL | $68.76 | -7.19% |
| XRP | $1.144 | -6.02% |
| BNB | $576.83 | -5.08% |
| DOGE | $0.08245 | -5.59% |
| ZEC | $449.07 | -9.74% |
| HYPE | $67.601 | -11.26% |
Among the major tokens shown in the snapshot, HYPE posted the steepest decline at 11.26%, while ZEC was down 9.74% and SOL lost 7.19%. This suggests the sell-off was not limited to Bitcoin and Ethereum, but extended across higher-beta altcoins as traders cut exposure.
Even as prices dropped, trading activity jumped sharply, a sign of panic repositioning and forced unwinds. Bitcoin recorded the highest 24-hour volume at $80.52 billion, followed by Ethereum at $51.82 billion. The sharp increase in volume during a decline usually points to aggressive selling, liquidations, and fast repositioning by short-term traders.
Bitcoin Falls 5.15%
Bitcoin fell 5.15% to $62,624.1, leading the broader crypto market decline. BTC recorded $80.52 billion in 24-hour volume, up 63.19%, showing a sharp rise in trading activity during the sell-off.
Bitcoin open interest dropped 5.52% over 24 hours to $46.27 billion, while 1-hour open interest fell 1.04%. The decline suggests that leveraged BTC positions were rapidly closed as prices moved lower.
On the liquidation heatmap, BTC accounted for $61.76 million, making it the largest single contributor to the liquidation wave.
Ethereum Drops 5.08%
Ethereum fell 5.08% to $1,687.24, extending the market-wide correction. ETH saw $51.82 billion in 24-hour trading volume, up 38.69%.
Ethereum open interest declined 2.46% over 24 hours to $24.38 billion. The liquidation heatmap showed ETH at $50.94 million, making it the second-largest liquidation contributor after Bitcoin.
CoinGlass data also showed the largest single liquidation order occurred on Binance ETHUSDT, valued at $7.40 million.
Solana Slides 7.19%
Solana dropped 7.19% to $68.76, making it one of the weaker large-cap crypto assets in the latest sell-off.
SOL recorded $10.04 billion in 24-hour volume, up 39.50%, while open interest fell 6.95% to $4.86 billion.
The liquidation heatmap showed Solana liquidations at $5.71 million. The sharp fall in open interest shows traders were cutting leveraged exposure quickly as SOL broke lower.
XRP Falls 6.02%
XRP declined 6.02% to $1.144 as the broader market sell-off reached major altcoins.
XRP’s 24-hour trading volume stood at $3.13 billion, up 43.83%, while open interest fell 4.72% to $2.64 billion.
The move suggests XRP traders also faced forced unwinds as the market moved against leveraged long positions.
BNB Drops 5.08%
BNB fell 5.08% to $576.83, tracking losses across Bitcoin, Ethereum and other major assets.
BNB’s 24-hour volume rose 55.29% to $1.06 billion, while open interest declined 3.91% to $874.79 million.
The rise in volume alongside falling prices shows active selling pressure and liquidation-driven trading during the market drop.
Dogecoin Falls 5.59%
Dogecoin dropped 5.59% to $0.08245 as traders reduced exposure to riskier crypto assets.
DOGE recorded $1.40 billion in 24-hour volume, up 24.76%, while open interest declined 7.07% to $1.08 billion.
The move shows meme coins remained vulnerable during the broader market correction.
Zcash Drops 9.74%
Zcash fell 9.74% to $449.07, making it one of the steepest decliners among the listed major assets.
ZEC posted $2.79 billion in 24-hour volume, while open interest dropped 14.07% to $930.58 million.
The sharp decline in open interest suggests traders aggressively exited ZEC derivatives positions during the crash.
HYPE Crashes 11.26%
HYPE posted the steepest decline among the listed assets, falling 11.26% to $67.601.
Its 24-hour volume rose 44.17% to $7.17 billion, while open interest dropped 14.41% to $2.80 billion.
Despite the price drop, HYPE’s funding rate remained positive at 0.0374%, showing that bullish positioning had not fully reset before the sell-off accelerated.
Open interest dropped as the market deleveraged
The downturn also hit derivatives markets hard, with open interest falling across most major coins.
| Asset | Open Interest | OI Change (24h) | Funding Rate |
|---|---|---|---|
| BTC | $46.27B | -5.52% | -0.0023% |
| ETH | $24.38B | -2.46% | 0.0004% |
| SOL | $4.86B | -6.95% | 0.0057% |
| XRP | $2.64B | -4.72% | 0.0019% |
| BNB | $874.79M | -3.91% | -0.0017% |
| DOGE | $1.08B | -7.07% | -0.0004% |
| ZEC | $930.58M | -14.07% | -0.0119% |
| HYPE | $2.80B | -14.41% | 0.0374% |
Bitcoin open interest fell 5.52%, while Solana dropped 6.95% and XRP slid 4.72%. ZEC and HYPE saw even sharper declines in open interest, both down more than 14%, indicating that traders were rapidly unwinding positions.
This kind of move usually reflects deleveraging, where both forced liquidations and voluntary position closures drag open interest lower.
Long traders took the biggest hit
CoinGlass liquidation data shows long traders were overwhelmingly on the wrong side of the move.
| Timeframe | Total Liquidations | Longs | Shorts |
|---|---|---|---|
| 1 hour | $158.08M | $153.72M | $4.36M |
| 4 hours | $267.57M | $247.22M | $20.35M |
| 12 hours | $325.49M | $289.03M | $36.46M |
| 24 hours | $578.63M | $496.00M | $82.63M |
In the past 24 hours alone, nearly 86% of all liquidations came from longs. That confirms the market was leaning bullish before the drop, leaving traders vulnerable to a sharp downside flush.
CoinGlass also noted that 138,868 traders were liquidated over the last 24 hours. The largest single liquidation order reportedly occurred on Binance, involving an ETHUSDT position worth $7.40 million.
What this crash means for the market
The latest move points to a classic long squeeze. Traders were positioned for upside, but falling prices triggered liquidations, which then accelerated the downside as exchanges forcibly closed leveraged positions.
At the same time, higher spot and derivatives volume suggests the market is in a high-volatility phase rather than a quiet pullback. If open interest continues to fall, the market may be working through a cleansing event that removes excess leverage. But if prices remain weak even after this flush, traders may start pricing in a deeper correction.
The crypto market’s latest slide has turned into a full-scale liquidation event, with $578.63 million wiped out in 24 hours and longs taking the brunt of the damage. Bitcoin, Ethereum, XRP, Solana and BNB all posted sharp losses, while falling open interest shows leveraged traders are being pushed out of the market.
If volatility stays elevated, the next move will depend on whether buyers step in after this deleveraging phase or whether the sell-off extends into a broader market correction.
Also Read: BTC, ETH, BNB, XRP, SOL Slip Ahead of Warsh’s First FOMC
