Bitcoin’s tight range around $115,000 is masking a dangerous buildup of leverage that could unleash a sharp liquidation cascade.
Traders are piling into both sides of the market. One player tried to open a nine-figure long, prompting market analyst Skew to warn that such activity could create “toxic flows” without spot demand. On the bearish side, a trader short $234 million from $111,386 is nursing a $7.5 million unrealized loss, topping up with $10 million in stablecoins to avoid liquidation at $121,510.
But the real danger sits below the market. Data from The Kingfisher shows a dense cluster of liquidation levels between $113,300 and $114,500. If price slips into that zone, forced selling could accelerate and drag BTC toward $110,000 support.
For now, bitcoin remains pinned near $115,000, with volatility at multi-month lows—but leverage suggests calm may not last.
