$300M in crypto longs liquidated in the past hour as Bitcoin falls to $97K

Crypto markets saw a sharp liquidation wave today, with roughly $300 million in long positions wiped out in the past hour as Bitcoin dropped to $97,000, triggering selling pressure across digital assets.

Long positions, leveraged bets on rising prices in crypto trading, became vulnerable during the rapid market downturn. Forced closures occurred across major exchanges as traders’ overleveraged positions hit liquidation thresholds.

Recent Bitcoin price drops below key technical levels have amplified similar liquidation events in 2024. Real-time liquidation heatmaps show widespread forced exits across platforms during the selloff.

Over the past 24 hours, liquidations have hit 235,644 traders and amounted to $1 billion. HTX saw the largest individual liquidation on its BTC-USDT market, worth over $44 million.