- Over $2 billion in cryptocurrency positions were liquidated in a single day, one of the largest totals this year.
- Bitcoin accounted for over $1 billion of these forced liquidations, with significant losses also hitting Ethereum and Solana.
- Realized losses for Bitcoin have reached levels not seen since the collapse of FTX, according to on-chain analytics.
- Total cryptocurrency market capitalization fell below $3 trillion, with most large-cap tokens posting double-digit losses.
A sharp drop in cryptocurrency prices on Friday caused widespread liquidations, erasing more than 10% from the value of Bitcoin within 24 hours. The selloff affected exchanges worldwide and led to over $2 billion in crypto positions being liquidated, which data shows is one of this year’s biggest single-day washouts.
Of the liquidated positions, nearly $1.89 billion came from long positions—traders who expected prices to rise. Only $145 million in short positions were affected. Bitcoin led the losses with over $1 billion in liquidations, while Ethereum and Solana saw $428 million and $104 million wiped out, respectively.
The recent price drop pushed Bitcoin down to $82,200, representing a 34% decline from its all-time high of more than $126,000 in early October. Retail sentiment around Bitcoin turned deeply bearish, with large amounts of trading attention and discussion.
On-chain analytics from Glassnode indicated that Bitcoin‘s realized losses surged to levels last seen during the FTX collapse. These realized losses refer to the total value lost when holders sell assets at a lower price than they paid. Most of these losses are being driven by short-term holders.
The overall cryptocurrency market capitalization dropped below $3 trillion, down nearly 10% over the past day. Major tokens posted large declines during early Friday trading. Cardano fell 14.2%, Dogecoin lost 13.4%, and Solana slipped 12.6%. Dogecoin dropped to $0.1356, its lowest since October, while Solana hit a low of $122.32 not seen since April.
Other major digital currencies, such as Ripple’s XRP and Ethereum, both lost more than 11%. Binance Coin declined by 10.3%. Ethereum dropped to $2,650, its lowest value since July. Market sentiment across several tokens shifted to extremely bearish territory as the crypto sector faced broad-based declines.
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