Bitcoin dropped to $76K triggering $560M in hourly liquidations across 165K traders.
Macro & Markets ·
Bitcoin fell sharply to below $77,000 after climbing to $81,000 earlier in the session, triggering a wave of forced closures across leveraged positions. Data from CoinGlass showed that liquidations in the past hour totaled over $560 million, with more than 165,000 traders affected over the past day. The largest single liquidation order, which occurred on Hyperliquid, was valued at $6.62 million.
The sell-off extended to altcoins, with Ethereum declining 7% over 24 hours to below $2,300, while XRP fell over 5% to $1.25 and DOGE dropped 6.5%. The intraday volatility follows a tumultuous 24 to 36-hour period for financial markets broadly, during which Bitcoin had earlier reached a seven-week low before recovering to the $80,000 range.
The immediate trigger for the reversal remains unclear, though the broader market context involved significant swings tied to macroeconomic developments. The scale of liquidations and trader count affected underscores the sensitivity of leveraged crypto positions to sudden price moves.