More than $1 billion in crypto positions were liquidated in the past 24 hours as a broad sell-off sent Bitcoin from above $109,000 to $105,000, with intraday prints of nearly $104,700 in some locations.
MintGlass Figures show that there are approximately $717.7 million in perpetual futures liquidations alone, with $372 million on BTC and $252 million on Ethereum (ETH). In total, nearly 290,000 traders were stretched as successive margin calls flooded the exchanges, adding to volatility and slippage in thin order books.
The move follows BTC’s failed attempt to reclaim the $116,000-$123,000 resistance zone earlier this week. Technicians are now marking $104,000 as the first defense and $100,000 as the next major support, while a push above $112,000-$114,000 could stabilize price action.
BTC's price trends to the downside on the daily chart. Source: BTCUSD on Tradingview
Use Unwinds Batter Altcoins; High profile traders are affected
Altcoins lagged as capital pivoted toward Bitcoin and stablecoins during the broader de-risking movement. The most significant liquidation occurred on HYPE, where a $20 million ETH-USD position was forcibly closed amid back-to-back margin calls.
BNB fell double digits from recent highs; XRP fell towards $2.20 as open interest dropped from $9 billion to $3.5 billion after a $610 million liquidation, even as Volatility Shares filed for a 5x leveraged XRP ETF. Meme coins were hit the hardest, as on-chain data shows aggressive risk reduction and reduced spot depth.
The defeat also claimed well-known swords. James Wynn faced multiple liquidations $kPEPE longs, including a sweep of 9.79 million kPEPE ($66,000) as he re-entered the following dips.
Machi Big Brother saw a series of long ETH liquidations (one block of 206 ETH, $787,000) as the price fell below $3,800. Tracking services note that Machi’s cumulative price declines are now far greater than previous gains, an objective lesson in the dangers of high leverage during volatility spikes.
What to watch next: Levels, flows and volatility
In the short term, traders are focused on:
- Levels: BTC support at $104,000 and then at $100,000; resistance $112,000 – $114,000 and $116,000. For ETH: Support from $3,800 – $3,900, resistance from $4,200 – $4,400.
- Flows: ETF net flows, stablecoin liquidity and currency balances, renewed inflows would validate buy-the-dip behavior and restore depth.
- Derivatives: Open interest, financing and skew. After the purge, cleaner positioning could reduce tail risk, but the options activity implies higher implied full ahead.
Macro news (tariff rhetoric, growth figures and the knock-on effects of the US government shutdown) remain the wild card.
If BTC holds $104,000 and ETFs return to net inflows, a range rebuild is likely; loses out, and the market’s gaze shifts to the psychological round number of $100,000 with broader collateral for altcoins.
Cover image of ChatGPT, BTCUSD chart from Tradingview
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