Bitcoin Crashes Below $115K — $700M in Longs Liquidated Within Hours

The cryptocurrency market has experienced a sharp downturn, with Bitcoin and altcoin prices plunging in the past 24 hours. Bitcoin briefly fell below $114,000 earlier today before rebounding above $115,000. This mirrors last week's dip toward the $115K mark, followed by a swift recovery and stabilization around $118,000. Whether this current price action signals a temporary deviation or the start of a broader breakout remains uncertain.

Massive Long Liquidations in Crypto Derivatives Market

According to data from CoinGlass, over $700 million in long positions have been liquidated amid the heightened volatility. In total, approximately $804 million in crypto futures contracts were closed out in the last 24 hours — with long positions making up 92% of that figure, or about $741 million.

Ethereum led the liquidation chart with $250 million, followed by Bitcoin at $200 million. ETH's steeper price drop, along with increased market speculation following a previous breakout, likely contributed to its outsized share of liquidations compared to BTC.

Notably, early signs of a major liquidation event were visible midweek. CryptoQuant community member Maartunn highlighted a surge in Bitcoin’s Aggregated Open Interest — a metric that tracks the total number of open BTC futures positions across all centralized exchanges — indicating mounting risk in the market.

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