Bitcoin whale forced liquidation of $61.5 million on HTX…mass unwinding of long positions
Summary
- It said that a BTC-USDT long position worth about $61.5 million was forcibly liquidated on HTX, the largest single liquidation in the past 24 hours.
- It noted that about $467.64 million was liquidated across the crypto futures market over 24 hours, with long positions accounting for 93% of the total.
- It analyzed that as the Fear & Greed Index fell to 5, signaling Extreme Fear, stop-loss selling by short-term holders is continuing and the possibility of higher market volatility remains.
Amid a pullback in bitcoin (BTC), a large leveraged long position was forcibly liquidated. Market sentiment has also slid back into the “Extreme Fear” zone, triggering a wave of stop-loss selling by short-term investors.
According to cryptocurrency-focused media outlet CoinDesk on the 23rd, a BTC-USDT position worth about $61.5 million was forcibly liquidated on crypto exchange HTX. It was the largest single liquidation over the past 24 hours. CoinGlass data show the liquidation occurred as bitcoin fell from a weekend high of $68,600 to around $64,300 on the day, giving back most of the weekend’s gains.
Across the broader crypto futures market, about $467.64 million in positions were liquidated over 24 hours. Long liquidations accounted for roughly $434 million, or 93% of the total. The move is seen as leveraged longs piling in on expectations of early-week gains, only to be wiped out in unison as prices fell.
By asset, bitcoin futures led with $213.62 million, followed by ethereum at $113.89 million and solana at $19.89 million. Hyperliquid’s HYPE token also ranked among the top liquidations, with $10.72 million liquidated.
Market sentiment also deteriorated sharply. Alternative.me’s Crypto Fear & Greed Index fell to 5, dropping into the “Extreme Fear” zone. This level marks the fourth time the index has hit such lows since its launch in 2018—after August 2019, June 2022 and earlier this month.
On-chain analytics firm Glassnode said the seven-day moving average of net realized losses among recent bitcoin buyers has remained around $500 million per day. The metric indicates that stop-loss selling by short-term holders is persisting. Glassnode said, “While the intensity has eased, the market remains under pressure,” adding that “capitulation among participants continues during the base-building phase.”
Meanwhile, bitcoin remains about 48% below its all-time high of $126,000 recorded in October last year. It is also about 5.5% below the 2021 bull-market peak of $69,000. With leveraged longs (buying on margin) repeatedly re-entering during rebounds and then being liquidated again during subsequent pullbacks, some see the potential for an extended phase of heightened volatility.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
