Bitcoin Holds $115K as $630M in Longs Wiped Out Amid Crypto Market Shakeout
Bitcoin (BTC) dipped to $115,200 on Thursday, paring recent gains but maintaining relative strength compared to altcoins, which saw sharper losses. The move came as more than $630 million in leveraged positions were liquidated across crypto exchanges in the past 24 hours, the majority of which were longs.
According to Coinglass data, over $580 million of the liquidations came from bullish bets, triggered by a swift intraday sell-off that caught overleveraged traders off guard. Bitcoin’s slight decline allowed its dominance to edge higher, while assets like Ether (ETH) fell to $3,687 and Solana (SOL) retreated to $170. XRP dropped below $3, and BNB gave back gains, sliding to $780 after reaching $855 last week.
The largest single liquidation recorded was a $13.7 million ETH long on Binance.
Liquidations occur when a leveraged position falls below maintenance margin requirements, forcing the platform to close the trade. These events often intensify volatility and can lead to cascading price movements, particularly when liquidations cluster in one direction.
Such large-scale wipeouts are also viewed as key sentiment signals. Heavy long-side liquidations typically suggest overcrowded bullish positioning and can precede a market reset.
Altcoins with higher speculative risk were hit hardest. Tokens in the Solana ecosystem—such as Fartcoin (FART), Pump.fun (PUMP), and Jupiter (JUP)—experienced steep pullbacks. FART declined 14% to test its 100-day EMA, JUP dropped below its 200-day support, and PUMP extended its decline within a descending pattern.
“These assets are highly sentiment-driven and tend to lead retracements during moments of short-term exhaustion,” said Bitget Chief Analyst Ryan Lee. “We’re seeing profit-taking, but not a breakdown in broader market structure.”
Lee added that Bitcoin’s resilience, supported by steady ETF inflows and macroeconomic stability, points to a contained correction rather than a systemic shift.
As long as BTC stays anchored above $115,000, analysts believe the broader trend remains intact.
