Casablanca – A $61.5 million leveraged bitcoin position was forcibly liquidated on the cryptocurrency exchange HTX today as prices reversed sharply, marking the largest single liquidation recorded over the past 24 hours, according to data from Coinglass.
The liquidation occurred as bitcoin fell from around $68,600 on Saturday to roughly $64,300 by Monday, erasing gains made over the weekend within hours. At the time of reporting, bitcoin was trading at $66,397.80. The forced closure suggests a concentrated position, likely held by a large trader, rather than a retail investor.
The broader market also faced significant pressure. In total, $467.64 million in crypto futures positions were liquidated over the same 24-hour period, affecting 137,422 traders. Long positions accounted for $434 million, or about 93% of the total, indicating that most traders had been positioned for further upside before the sudden decline.
Bitcoin futures represented $213.62 million of the forced closures. Ether followed with $113.89 million in liquidations, while Solana recorded $19.89 million. The HYPE token on Hyperliquid saw $10.72 million in liquidations, a notable figure for an asset outside the typical top tier of crypto derivatives activity.
Market sentiment deteriorated alongside the price drop. Alternative.me’s Crypto Fear and Greed Index fell to a reading of 5 out of 100, categorized as extreme fear. The index has only reached that level three times since its launch in 2018, including August 2019, June 2022, and earlier this month during bitcoin’s slide toward $60,000.
On-chain analytics firm Glassnode reported that the seven-day moving average of net realized losses among recent bitcoin buyers remained near $500 million per day. The firm said that although the intensity of selling has moderated, the broader environment continues to reflect a market under pressure, with short-term holders still realizing losses.
Bitcoin currently sits about 48% below its October all-time high of $126,000. It is also approximately 5.5% below its 2021 peak of $69,000, a level that has repeatedly come into focus in recent sessions.
The latest decline once again cleared a large amount of leveraged positioning from the market, underscoring the sensitivity of crypto derivatives to abrupt price movements.
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