After the sharp drop in Bitcoin price, no currency has been spared from this brutal wreckage.

Key Points

Bitcoin dropped below $110,000, causing over $800 million in positions to evaporate, impacting 180,000 traders. This sell-off created shockwaves, but analysts believe it was a reset to clear leverage.

In the past 24 hours, nearly $800 million in cryptocurrency positions have been liquidated, with Bitcoin [BTC] being the focal point of market attention.

As of the time of writing, BTC has fallen below the $110,000 mark, raising questions: Did this sharp wave of liquidations stem directly from Bitcoin's decline, or does it signify deeper cracks in overall market sentiment?

BTC and ETH lead the downturn, with a total drop of $813 million.

In just 24 hours, positions of over 180,000 traders disappeared, with cryptocurrency liquidations exceeding $813 million.

Bitcoin and Ethereum [ETH] suffered most of the losses, with BTC losing $277 million, followed closely by ETH at $263 million.

The pressure is not limited to mainstream currencies. Altcoins such as Solana [SOL] ($38 million), Dogecoin [DOGE] ($18.7 million), and Ripple [XRP] ($17.3 million) have also been heavily impacted.
Data shows that most liquidations came from over-leveraged longs, with the largest single order (a $39.24 million BTC-USDT position) recorded on HTX.
Did BTC trigger the sell-off?

Bitcoin's drop to nearly $110,000 seems to have triggered a wave of liquidations.
Charts show that BTC struggles to maintain above this psychological level, with bearish candles dominating the past week.
At the time of writing, RSI hovers around 39, so the oversold area is not far off.

Similarly, Ethereum experienced a pullback after a strong 27% rise in recent weeks, leading to increasing pressure across the entire cryptocurrency market.
The simultaneous drop of BTC and ETH may unsettle over-leveraged traders, triggering a wave of liquidations on major exchanges.
Just another day

Commenting on the wave of liquidations, CoinGecko co-founder Bobby Ong succinctly summarized,
"No red candles make for the best days. But life isn't like that; we must endure tough liquidation periods to rise again."
Volatility is part of the crypto gene. While nearly $800 million in liquidations hit traders hard, this shake-up often clears excessive leverage. It also helps future price movements to be healthier.
Currently, the market remains fragile, but we hope that good days are coming.