Bitcoin News Today: Ethereum and Bitcoin Trigger $615M Crypto Liquidations Amid Sharp Price Declines

The cryptocurrency market has experienced a significant wave of liquidations, totaling approximately $615 million within a 24-hour period, according to data from CoinGlass [1]. The majority of these losses—$533.52 million—were attributed to long positions, while short positions accounted for $81.23 million. This pattern reflects a broad sell-off driven by declining prices and increased margin calls across leveraged positions.

Ethereum emerged as the most affected asset, with $233.71 million in liquidations, nearly 90% of which stemmed from long positions [1]. Bitcoin also faced substantial losses, with $134.40 million in closed positions, of which $125.45 million were longs. Collectively, Ethereum and Bitcoin represented nearly 60% of the total liquidations, highlighting their dominant role in the market’s current turbulence.

Smaller cryptocurrencies were not spared, with Solana, Dogecoin, and XRP each recording losses in the range of $20–35 million [1]. Altcoins as a category faced more than $53 million in liquidations, signaling a broad-based selloff across the sector. This widespread impact underscores the interconnected nature of the crypto market, where volatility in major assets often triggers cascading effects across the rest of the ecosystem.

Market conditions remain precarious, with Bitcoin hovering around $113,800 and Ethereum near $3,511. Both assets have posted weekly declines—3.49% for Bitcoin and 6.22% for Ethereum—suggesting sustained selling pressure [1]. The continued downward momentum has raised concerns among traders about the potential for further price corrections, particularly if key support levels are breached.

Analysts warn that leveraged long traders are at the center of this turmoil [1]. Ethereum’s critical support is currently near $3,500, while Bitcoin traders are watching the $113,000 zone closely. A failure to hold these levels could trigger another wave of liquidations, further amplifying price volatility in the short term.

The ongoing liquidation trend reflects a challenging environment for leveraged positions, particularly in light of the current bearish momentum. As Ethereum and Bitcoin lead the selloff, the market remains in a state of caution, with traders closely monitoring for signs of further price corrections.

Sources:

[1] Coindoo – [https://coindoo.com/crypto-market-sees-615m-liquidations-as-ethereum-and-bitcoin-lead-the-wipeout/](https://coindoo.com/crypto-market-sees-615m-liquidations-as-ethereum-and-bitcoin-lead-the-wipeout/)