The crypto market started the week with a strong drop, while a liquidation wave has eliminated $ 620.5 million in the last 24 hours.

The sale was driven by a sharp drop in the price of Bitcoin (BTC), which fell to up to $ 80,000 over the weekend. The sudden fall triggered called widespread margin, forcing traders to leave leveraged positions and amplifying volatility in the market.

According to Coinglass data, the last 24 hours have become a major excitement in the crypto market, with 225,381 liquidated traders.

Long positions were the most affected, representing $ 529.4 million in losses. Meanwhile, short positions saw $ 91.1 million in settlements.

Bitcoin led the liquidation wave, with $ 239.5 million in eliminated positions. US $ 205.6 million came from long traders caught by surprise by the fall of the market, triggering forced sales. The largest single settlement order occurred at Binance, where a BTC/USDT position worth $ 32 million was eliminated.

Analyst Ash Crypto highlighted the severity of the recent market turbulence in the last X (former Twitter) post.

Bitcoin long settlements in all Exchanges exceed the collapse of 3ac, Celsius and FTX, the post said.

Data from CryptoQuant They show that Bitcoin long settlements rose to 14,714 yesterday. For comparison, 13,453 BTC were settled during Celsius Crash, 1.807 BTC during the FTX collapse and 1,311 BTC in the collapse of Three Arrows Capital (3ac).

The liquidation wave occurs as Bitcoin faces difficulties in the market, under renewed pressure of falling. In fact, President Donald Trump’s executive order on Bitcoin’s strategic reserve triggered a sharp drop in the coin value.

In addition, the fall intensified as recession fears increased, adding more uncertainty to the market.

An ugly beginning of the week. Looks like the BTC will test $ 78 again, wrote Arthur Hayes, former Bitmex CEO he wrote.

He predicted that if $ 78,000 does not remain, $ 75,000 will be the next critical support level. Hayes also pointed out a large amount of open interest (Oi) in bitcoin options between $ 70,000 and $ 75,000. Thus, if the BTC enters this track, it can lead to increased volatility.

For now, the BTC continues over $ 80,000. Until the publication of this text, it was being negotiated at $ 82,629, a drop of 3.9% in the last 24 hours.

Market fall forces crypto whales to settlement chaos

The broad impact of the price of bitcoin price has been felt throughout the sector. The total cripper market amount has been dropped of $ 148 billion. Ethereum (ETH) was the second most affected asset, with US $ 108.5 million in settlements. According to Beincrypto data, ETH fell 5.3% on the last day, being negotiated at $ 2,062 at the time of publication.

The fall put the whales under increasing pressure, with some now facing the risk of massive liquidations. According to Lookonchain data dataa whale with 65,675 ETH (worth US $ 135.8 million) on Maker is on the verge of liquidation.

The health rate of the whale fell to 1.05; With a settlement price set at $ 1,931, raising concerns about possible forced sales if the ETH continues to fall.

In addition, an on-chain analyst revealed that the World Liberty Financial (WLFI) investment portfolio has suffered great losses. The company had initially invested $ 336 million in nine tokens. However, the value of the portfolio plummeted to $ 226 million, marking a loss of $ 110 million.

Ethereum composes 65% of the entire portfolio, becoming the most affected asset. The average purchase price of ETH was $ 3,240, but with the currency now being traded around $ 2,000, the Defi project suffered a loss of 37%, totaling US $ 80.8 million.

Despite the turbulence, OnchainLens He reported that a whale has increased long positions at various assets, including Solana (Sol), Ethereum, Dogwifhat (WIF) and Bitcoin.

The positions have turned against Trader, which now has a loss not made of $ 14.3 million. The whale still has an open order of $ 8.4 million for these tokens, further increasing risk exposure. In addition, the whale provided 19,413 ETH to finance these negotiations and borrowed 16.2 million USDC to get bought at Hyperliquid.

However, not all whales are losing money in this market shaking. Data from Lookonchain pointed out that another whale was able to shorten the BTC several times during recent price falls. The trader has accumulated an unqualified profit of more than $ 7.5 million.

… He has now defined additional short positions at $ 92,449 – $ 92,636 and put limited orders to make a profit between $ 70,475 – $ 74,192, added the post.