CoinDesk
Crypto long positions took more than $500 million in losses overnight as Bitcoin slid about 3% to near $78,000, dragging major tokens lower and erasing the past week's gains. CoinGlass data showed $581 million in total liquidations over 24 hours, with $552 million of that — roughly 95% of the wipeout — coming from leveraged long bets. BTC led the damage at $189 million in liquidations, followed by Ether at $151 million; the largest single order was a $21.59 million BTCUSDT position on Bitget.
Solana fell 5% to $86.98, XRP dropped 4.3% to $1.41, and Ether lost 3.3% to $2,189, widening its weekly decline to 5.3% — the worst among the majors. BNB held up best at down 3.9% on the day but still up 1.1% over the past week, while Dogecoin slipped 4.2% to $0.1095. Bitcoin had briefly traded above $82,000 earlier in the week before reversing sharply.
Why it matters
The 95% long-skew on a $581M flush is a textbook leverage buildup on one side of the book catching a macro surprise the same way for everyone. Back-to-back hot CPI and PPI prints earlier in the week, combined with elevated oil prices tied to the Iran conflict and the effective closure of the Strait of Hormuz, pushed traders to flip from pricing Federal Reserve rate cuts to pricing potential hikes. U.S. 10-year yields topped 4.5%, Japan's 30-year debt hit 4% for the first time, U.K. long-bond rates touched a 28-year high, and Brent crude settled above $105 — a synchronized rates-and-dollar move that left risk assets with nowhere to hide.
Market impact
Crypto had been pricing in liquidity easing through 2026 and is now repricing the opposite scenario. The S&P 500 fell 1.2% in its worst session since March, and the Philadelphia Semiconductor Index dropped 4% after weeks of leading the equity rally. The Asia-session timing of the BTC flush — Saturday morning local time — means thin books amplified the move, and the cascade is likely to weigh on open interest and venue funding rates into next week as leveraged longs rebuild or capitulate. Watch Tuesday's reopen and any follow-through in 10-year yields for confirmation that the inflation impulse is sticking rather than fading.
Frequently asked questions
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Why did Bitcoin drop to $78,000 overnight?
Bitcoin fell about 3% to near $78,000 in Asia-session trading Saturday as a long-skewed liquidation cascade hit leveraged positions. CoinGlass data showed $581M in 24-hour liquidations, with $552M — roughly 95% — coming from longs.
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How much money did crypto long positions lose in the liquidation cascade?
More than $500 million in crypto long positions were liquidated, with total 24-hour liquidations reaching $581M per CoinGlass. BTC accounted for $189M of that, ETH for $151M, and the largest single order was a $21.59M BTCUSDT position on Bitget.
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What triggered the broader crypto sell-off?
Back-to-back hot CPI and PPI prints earlier in the week, combined with elevated oil prices tied to the Iran conflict and the effective closure of the Strait of Hormuz, pushed traders to reprice from expecting Federal Reserve rate cuts to potential hikes. U.S. 10-year yields topped 4.5% and Brent settled above $105.
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How did altcoins perform during the Bitcoin drop?
Solana fell 5% to $86.98, XRP dropped 4.3% to $1.41, and Ether lost 3.3% to $2,189 — widening its weekly decline to 5.3%, the worst among the majors. BNB held up best at -3.9% on the day, while Dogecoin slipped 4.2% to $0.1095.
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What is the market expecting from the Federal Reserve now?
Traders have shifted from pricing rate cuts through 2026 to pricing potential hikes, following hotter-than-expected inflation data and rising bond yields. The repricing hit crypto and equities simultaneously, with the S&P 500 falling 1.2% in its worst session since March.
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