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Bitcoin drops below $116K, sparking $650 million in liquidations
The cryptocurrency market experienced a significant downturn on Friday, as Bitcoin dropped below $116,000, resulting in the liquidation of $646.79 million in long positions.
According to CoinGlass data, Bitcoin alone accounted for $236.48 million of the total liquidations, while the broader crypto market experienced a 2.63% drop, reaching $115,356. This price decline compounded the challenges for traders holding leveraged positions, leading to widespread selloffs.
Key takeaways
- Bitcoin price drop: Bitcoin tumbled below $116K, causing $646.79M in liquidations across the market.
- Bitcoin ETFs: Spot Bitcoin ETFs saw $226M in inflows despite the price drop.
- Ethereum performance: Ethereum saw a 0.8% increase to $3,644.
- Liquidation impact: $236M of Bitcoin's liquidation came from long positions.
A sharp market selloff
Bitcoin’s decline is part of a larger trend of market volatility, which has hit both Bitcoin and other digital assets hard. The mass liquidation event affected leveraged traders, who were forced to close positions due to the sharp fall in prices. While Bitcoin struggled, Ethereum saw a modest increase of 1.4%, reaching $3,625, diverging from the broader market trend.
Liquidation heatmap. Source: CoinGlass
In contrast to the price drop, spot Bitcoin exchange-traded funds (ETFs) saw a $226 million inflow on Thursday, signaling institutional interest amid the market slump. Fidelity's FBTC ETF recorded the largest inflow at $106.6 million, followed by VanEck’s HODL with $46.4 million, and BlackRock’s IBIT attracting $32.5 million. These ETF inflows were seen as a counterbalance to the selloff, highlighting that institutional players remain interested in Bitcoin's long-term prospects despite the short-term volatility.
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The liquidation fallout and institutional activity
The $646.79 million in liquidations underscores the heightened risk associated with trading in highly leveraged positions, as Bitcoin's price movements can cause significant financial strain on traders. However, the institutional inflows into Bitcoin ETFs suggest continued confidence from large investors in Bitcoin's future potential, even in the face of short-term declines.
Looking ahead, attention will be focused on whether the recent influx into Bitcoin ETFs can help stabilize the price of Bitcoin and whether the ongoing market volatility is a temporary phase or part of a broader correction in the crypto market.
Read also: ETH spot volume overtakes BTC for first time in 2025.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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