Bitcoin Liquidations Hit $838M in 24 Hours: 166K Traders Wiped Out as BTC Tests $61K

Bitcoin liquidations exploded to $838.10 million in the past 24 hours, forcing 166,190 traders out of positions as BTC slipped to $61,480. The selloff, tracked by CoinGlass, marks one of the most aggressive liquidation waves in recent weeks, with Bitcoin-specific liquidations accounting for $341.36 million of the total. The largest single liquidation order - a $12.01 million BTCUSDT position on Binance - underscores the leverage-fueled fragility in crypto derivatives markets.

What Happened

CoinGlass data from June 25 shows total crypto liquidations reached $838.10 million across all assets, with 166,190 traders liquidated in a single 24-hour window. Bitcoin led the wipeout at $341.36 million, followed by Ethereum at $128.45 million. The largest single order - a $12.01 million BTCUSDT long on Binance - was forced closed at 06:00 UTC during the peak liquidation hour. Bitcoin traded at $61,480, down 1.59% on the day, while Ethereum fell 1.40% to $1,640.54.

Beyond derivatives, major institutional holders accelerated BTC sales. Coinbase sold 11,670 BTC, Kraken offloaded 3,720 BTC, BlackRock reduced by 2,920 BTC, Wintermute shed 2,250 BTC, and Binance sold 592 BTC - all within the same period, per Seeking Alpha analysis. Separately, Bitcoin miner Bitdeer continued its liquidation strategy, having sold all newly mined Bitcoin since February 21, totaling 3,231 BTC worth approximately $205 million at current prices.

Why It Matters

The liquidation cascade reveals structural stress in crypto markets. Combined exchange volumes dropped to $4.41 trillion in May - the lowest since September 2024 - declining 3.45% month-over-month, while Real World Asset (RWA) perpetual futures volumes surged 10.4% to record highs, signaling a shift from spot to synthetic leverage. Meanwhile, 10.83 million BTC now sits in unrealized loss positions, representing supply that could capitulate if prices decline further. Long-term holders still control 14.8 million BTC, but the shrinking spot volume reduces their ability to absorb forced selling without sharp price impact.

Crypto-exposed equities mirrored the pain. MicroStrategy (MSTR) and Applied Digital (APLD) led a sector-wide bloodbath on June 24, with analysts noting the correlation between leverage liquidations and equity selloffs is tightening. The feedback loop - derivatives liquidations driving spot selling, which triggers more liquidations - remains the primary risk vector for the next 48 hours.

What's Next

Key levels to watch: Bitcoin's 200-day moving average near $58,500 and the $60,000 psychological support. A daily close below $58,500 could trigger a second wave of long liquidations, with CoinGlass liquidation maps showing dense clusters between $57,000-$58,000. On the upside, reclaiming $63,000 would invalidate the immediate bearish structure. Meanwhile, Hyperscale Data's continued accumulation - adding 8 BTC last week to reach 727 BTC treasury - signals institutional conviction at current prices. Traders should monitor funding rates; a flip to deeply negative territory often precedes short-squeeze rallies.

August 2026 Update: Second Liquidation Wave Never Came - BTC Reclaims USD 63K

The USD 58,500 line held. Bitcoin never closed below the 200-day moving average flagged below, and the dense liquidation clusters at USD 57,000-58,000 were never triggered. BTC ended July near USD 63,700 (Investing.com) - above the USD 63,000 level that "invalidates the bearish structure" - as the crypto market posted its best month in a year (CoinDesk).

Leverage reset cleanly. The June 25 wipeout proved to be the capitulation event: funding rates normalized within days, and the 13-day ETF outflow streak ended July 3 with a USD 221 million single-day inflow (Yahoo Finance). The Fear & Greed Index recovered from 13 to a neutral 48 by August 1 (CFGI).

The structural shift continued. Late July still brought four straight days of ETF outflows totaling USD 526 million after BTC was rejected at USD 65,000, keeping year-to-date net outflows near USD 5.4 billion (Investing.com) - the RWA-perpetuals migration noted below remains the dominant volume trend.

More from Finance:

• Bitcoin Below $59K: Crypto Market Cap Sheds $90B
• Bitcoin Sell-Off: Crypto Market Sheds 4%
• Bitcoin ETF Outflows: Record 13-Day Streak Drains $4.3B
• Bitdeer Liquidates Entire Bitcoin Treasury: $205M Sale Funds AI Pivot
• Bitcoin at $60K: Cascade Crash Warning to $54K
• Bitcoin Hits 21-Month Low: $1.3B ETF Outflows Trigger Risk-Off Selloff
• MicroStrategy Stock Plunges 9%: Bitcoin Strategy Backfires

External authority references: Bitcoin, Cryptocurrency, CoinGlass provide foundational context for this analysis.