More than 630 million dollars were liquidated in 24 hours, with 580 million on long positions, mainly due to excessive optimism about the continuation of the rally.
Bitcoin briefly drops to $114,200 but remains relatively stable amidst the collapse of altcoins like ETH, SOL, or XRP, strengthening its dominance.
The most speculative Solana tokens are plummeting: FART drops 14%, JUP breaks its 200-day support, and PUMP continues its decline.
A New Storm on Crypto Markets
Crypto markets have just weathered a brutal session. Over 630 million dollars of leveraged positions were liquidated in just 24 hours, with 580 million of them on long positions. An express carnage that highlights the ecosystem’s fragility when speculative euphoria turns to panic.
In the eye of the storm: Bitcoin, which dropped to $114,200, and a range of major altcoins like Solana, XRP, and Ethereum. But unlike secondary tokens, BTC remained relatively stable, reinforcing its dominant position in the market.
When Leverage Becomes a Trap
These massive liquidations are not insignificant. They reflect excessive optimism: too many traders had bet on an immediate continuation of the rally. The result: at the slightest tremor, platforms like Binance, OKX, or Bybit triggered a cascade of forced orders, further amplifying the downward pressure.
The biggest liquidated trade? A long on ETH at 13.7 million dollars, liquidated on Binance.
It’s the classic mechanism: when the value of a leveraged position falls below the required safety threshold, the exchange automatically closes the position. And each liquidation adds to the volatility, creating a vicious circle where panic feeds… panic.
Altcoins in the Front Line
If Bitcoin withstands the shock, the same cannot be said for altcoins, which are plummeting. Ethereum slides to $3,600, XRP drops below $3, Solana corrects below $170 after hovering around $190. Even BNB, despite being in a bullish phase, falls back to $770.
But it’s particularly the speculative tokens in the Solana ecosystem that are taking a hit:
– Fartcoin (FART) loses 14% and returns to its 100-day moving average.
– Pump.fun (PUMP) continues its decline.
– Jupiter (JUP) breaks its 200-day technical support.
Bitcoin Holds the Fort
In this storm, Bitcoin serves as a rock. As long as the $115,000 level holds, analysts believe that the market structure remains intact. Massive inflows into BTC ETFs and a relatively calm macro context favor a solid support.
A level to watch closely: if this floor were to give way, we could witness a new wave of panic.
