The crypto market tumbled overnight as Bitcoin dropped below $98,000 and pulled major altcoins lower with it. Ethereum, Solana, and Cardano fell by about 8 percent, and that sharp move sparked roughly $880 million in liquidations across derivatives platforms. Most of those wiped-out positions came from traders who bet on rising prices.
Massive Long-Side Liquidations Hit the Market
Market data show that the bulk of the liquidations involved long positions, which added fuel to the sell-off. One report noted that Bitcoin’s dip under $98,000 lined up with about $838 million in liquidations. Because most of those traders had expected an upward move, the decline forced their positions to close rapidly.
Altcoins suffered deeper percentage losses. Ethereum, Solana, and Cardano accelerated the market slide as heavy leverage and tightly packed margin zones amplified the downside pressure. In this kind of environment, even a small price break can trigger a chain reaction.
Technical Breaks and Jittery Sentiment Add Pressure
Analysts pointed out that Bitcoin’s slip under the psychological $100,000 level set off a wave of automated stop-losses. Those triggers sped up the downturn. At the same time, broader financial-market uncertainty weighed on risk assets. When sentiment shifts, traders often unwind speculative crypto bets first.
In the short run, the shakeout may actually give the market some breathing room by clearing out excess bullish leverage. If prices stabilize, traders could see less mechanical sell pressure.
However, the latest drop also raises tough questions about the market’s ability to absorb volatility. Bitcoin now sits close to important technical levels, and any further weakness could spark another round of liquidations. Investors will watch for signs of renewed accumulation or, on the flip side, hints that traders are capitulating. Macro conditions will likely play a major role in shaping the next move.
