Bitcoin, Ethereum plunge triggers $2.56 billion liquidation in 24 hours
Crypto markets took a major hit in recent days, with $2.56 billion in futures liquidations—mostly from traders betting prices would keep rising.
Around 420,000 people got caught in the downturn as Bitcoin dipped below $76,000, falling roughly 6%, and Ethereum slid nearly 10%.
In total, crypto lost billions in value that day.
Long positions dominate the liquidations
This is the biggest single-day wipeout since last October's record crash. Over the weekend, liquidations totaled billions as trading stayed thin and risky bets piled up.
Ethereum traders felt it most (44% of losses), followed by Bitcoin and Solana holders.
With so many long positions wiped out and Bitcoin hitting its lowest price in recent months, the market's still looking shaky until real buying demand returns.
Forced sell-offs
A sudden price drop during Asian trading hours set off a chain reaction of forced sell-offs—especially for those holding leveraged bets on Ethereum.
This "deleveraging" clears out risky trades but also means more volatility ahead until things settle down.