Bitcoin slump triggers $811 million losses as traders brace for $100k test

Bitcoin’s little dip beneath $110,000 successful the past 24 hours triggered 1 of the heaviest liquidation rounds successful caller times.

According to Coinglass data, crypto traders betting connected the marketplace mislaid $811.6 million, with much than 179,000 traders forced retired of positions.

Speaking connected this wide liquidation event, Sean Dawson, caput of probe astatine Derive.xyz, told CryptoSlate:

“This crisp determination appears to beryllium the effect of overleveraged positioning, peculiarly pursuing ETH’s caller run-up, and an overnight dip successful the S&P 500, which weighed connected hazard assets much broadly.”

Notably, the astir important azygous liquidation came from a BTC-USDT bid worthy $39.2 cardinal connected HTX.

Long traders, those betting connected a terms increase, absorbed the bulk of the losses, giving up $699.5 million, portion shorts mislaid $112.2 million. This skew toward longs suggests that traders misjudged the spot of the caller rally, leaving them susceptible erstwhile the terms pulled back.

Bitcoin accounted for the steepest losses, with traders losing implicit $270 cardinal successful a azygous day. On Aug. 25, Glassnode noted that implicit $150 cardinal successful agelong positions were wiped out, marking 1 of the largest flushes since December 2024.

Bitcoin Long Traders Liquidation (Source: Glassnode)

Ethereum followed with $266 cardinal successful liquidations, besides dominated by agelong bets. Other large assets, including Solana, Dogecoin, and XRP, saw further drawdowns of $38.5 million, $18.8 million, and $17.3 million, respectively.

Bitcoin could dip to $100,000

Meanwhile, the important liquidations person fed into increasing bearish sentiment among marketplace participants, according to information from Derive.xyz

Data from the crypto derivatives trading level showed that crypto traders present spot a 35% probability of Bitcoin falling to $100,000 earlier the extremity of September, and a 55% accidental that Ethereum could retest $4,000.

Dawson explained that the 25-delta skew has turned antagonistic for some BTC and ETH, meaning traders are paying much for downside extortion than upside exposure.

According to him:

“This is the strongest request for downside extortion we’ve seen successful 2 weeks. Traders look to beryllium bracing for imaginable retests of $4,000 for ETH and $100,000 for BTC.”

He further noted that macroeconomic headwinds and volatility are weighing connected the outlook, resetting hazard appetites crossed the market.

The station Bitcoin slump triggers $811 cardinal losses arsenic traders brace for $100k test appeared archetypal connected CryptoSlate.