Crypto Long Liquidations Soar as Bitcoin, Ethereum, and Dogecoin Plunge

Crypto traders are facing massive losses as Bitcoin, Ethereum, and Dogecoin plunge sharply, triggering over $320 million in liquidations on long positions in just the last hour. This sudden market downturn signals mounting pressure on optimistic bets amid volatile conditions.

Sharp Liquidations Sweep Across Major Cryptocurrencies

On Thursday afternoon, the crypto market saw a significant sell-off that forced the liquidation of numerous long positions—traders betting on price rises—across leading digital assets. Data from CoinGlass highlights that within the past hour alone, nearly $328 million in total liquidations were recorded, overwhelmingly hitting long holders. The 24-hour figure shows a staggering $713 million in liquidated crypto trades, with $650 million representing long position wipeouts.

Bitcoin Leads the Downward Spiral with Massive Long Position Losses

Bitcoin experienced the largest share of daily liquidations, with $317 million wiped out, including $306 million from long bets. Over the last 24 hours, BTC’s price declined almost 3%, slipping below the $106,200 mark from a recent peak above $110,000 earlier this week. While Bitcoin has maintained a modest 5% gain over the past week, its current price is still roughly 5% shy of its all-time high of $111,814 recorded in May. Notably, a single substantial $201 million long position on Binance was liquidated during the ongoing market turbulence.

Key Stats & Figures

• Total Liquidations: Approximately $713 million liquidated over the past 24 hours.
• Long Positions: $650 million of liquidations involve longs betting on price increases.
• Bitcoin Liquidations: $317 million total, with $306 million in long position losses.
• Bitcoin Price Movement: Dropped nearly 3% in 24 hours, currently below $106,200.
• Ethereum Liquidations: $151 million liquidated in daily totals.
• Ethereum Price Movement: Fell over 6% in 24-hour span to $2,650.
• Altcoins Impacted: Solana, XRP, and Dogecoin show losses exceeding 4% daily.

Altcoin Sell-Off Intensifies: Ethereum, Solana, XRP and Dogecoin Struggle

Ethereum ranks second in liquidation volumes, with $151 million wiped out as prices plunged more than 6% within the day to $2,650. Despite this sharp dip, ETH retains a weekly gain of 9% after earlier upticks. Other notable altcoins including Solana, XRP, and Dogecoin suffered as well; Solana fell over 6% to roughly $152.80, XRP dipped past 4% to $2.20, and Dogecoin—the worst performer among the top ten cryptocurrencies—declined 7% to $0.181.

The sell-off accelerated following positive inflation data released Wednesday, which appeared to prompt profit-taking moves. While Bitcoin and Ethereum retreated after the Consumer Price Index report signaled easing inflation, altcoins like Dogecoin and Solana had started declining earlier Thursday, with losses widening in recent hours across the board.

Conclusion: What This Means for the Market

The swift liquidation events expose the vulnerability of leveraged long positions during volatile market shifts, emphasizing the risks of bullish bets in uncertain times. Though some assets hold weekly gains, the immediate downward momentum signals cautious trading ahead. Market participants should brace for continued volatility as broader macroeconomic factors and profit-taking influence price dynamics across cryptocurrencies.

Originally reported by Decrypt.