It took less than 12 hours for the market to punish over-leveraged Bitcoin traders again. Roughly $66 million in BTC positions were liquidated overnight, and a staggering 93% of that came from longs. The imbalance between long and short liquidations — 1,342% by CoinGlass liquidation heatmap — highlights how one-sided the bullish positioning had become right before the drop.
The pain began when Bitcoin fell below $101,000, triggering a cascade of margin calls that briefly pushed prices down to $99,200 before a modest recovery. The BTC/USDT chart now shows the coin hovering around $100,100, down about 0.2% for the session, yet still holding onto the symbolic six-figure mark.
This movement coincided with a cooling off in funding rates across major perpetual markets, suggesting that some traders began reducing their exposure while awaiting a decrease in volatility.
$713 million out
Market-wide, $713 million in liquidations erased a full day of speculative leverage. Ethereum accounted for $40.53 million, while smaller currencies such as AVAX and SOL saw $11.26 million and $6.92 million, respectively. The largest single order liquidated on Hyperliquid was a BTC/USD position worth $15.31 million, suggesting that even the largest traders were affected.
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Most charts now show liquidity pockets clustering around $98,500 and $101,300 — a range that could determine whether Bitcoin stabilizes or experiences another wave of liquidations into the weekend.
For now, the leverage cycle has reset, but sentiment remains bruised; a single bad candle can erase billions of dollars in fictional gains built up over weeks.