Crypto Market Hit by $711M Liquidation Wave as Bitcoin, Ethereum Plunge

The cryptocurrency market witnessed a sharp pullback over the past 24 hours, with major assets like Bitcoin, Ethereum, and Solana posting significant losses.

The cryptocurrency market encountered a setback over the past 24 hours, with major assets like Bitcoin and Ethereum turning red and Solana notching steeper losses.

The downturn coincided with a significant wave of liquidations, exceeding $711 million, as leveraged positions were closed on exchanges.

Market Snapshot: Crypto Prices in the Red

As of the latest data on Thursday, the leading cryptocurrencies recorded the following 24-hour declines:

Bitcoin (BTC) fell 2.73% to $106,000

Ethereum (ETH) dropped 6.35% to $2,640

Solana (SOL) declined 6.20% to $153.10

XRP shed 4.89% to $2.18

BNB fell 2.18% to $653.40

The steepest losses were seen in Ethereum and Solana, which could be attributed to higher volatility among altcoins and increased speculative positioning in these assets.

Liquidation Cascade: $711M Wiped Out in 24 Hours

According to liquidation tracking data from CoinGlass, over 147,000 traders were liquidated in the past day, to the tune of $711.48 million.

The breakdown of liquidations is heavily skewed toward long positions:

The most severe liquidation event involved a single $201.31 million BTCUSDT order on Binance, highlighting the scale of leverage exposure and its consequences during rapid price reversals.

In the final hour of the drop alone, over $334.94 million was wiped out, with $329.61 million coming from long positions—indicating the suddenness and severity of the market reversal.

Despite the correction, Bitcoin is still trading above the key $106,000 support. Analysts note that as long as this level holds, the broader uptrend remains intact. However, any further downside could accelerate volatility and extend liquidations across the altcoin sector.

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