$675 million liquidated in the crypto market in 24 hours: long positions in Bitcoin account for nearly half.

The market faces a comprehensive bloodbath: $675 million Position liquidated

According to CoinDesk, the cryptocurrency market suddenly turned on Monday evening, with risk-off trading leading to a massive liquidation of $675.8 million within 24 hours. Among them, long positions were liquidated for $406 million, and short positions lost $269 million, marking the most severe single-day liquidation event in nearly four months.

The liquidation tracking platform Coinglass shows that the largest single liquidation came from the BTC/USDT long contract on CEX, amounting to as high as $98.1 million. Bitcoin and Ethereum fell by 3.1% and 2.6% respectively on that day, while Dogecoin had the worst performance among mainstream coins with a drop of 7.6%.

Liquidation Details for Various Currencies: BTC Long Positions Suffer the Most Losses

• Bitcoin ( BTC ): Long position liquidation of $333 million, accounting for 49.3% of the total liquidation across the network. • Ethereum ( ETH ): $113 million long position was Liquidated • XRP: $36 million leveraged Position liquidated • Solana ( SOL ) and Dogecoin ( DOGE ): each lost about 14 million dollars.

QCP Capital analysts point out: "Bitcoin is in uncharted territory, and the short-term top is still unclear. The current funding rate remains high, and the market still remembers the lessons from the $2 billion liquidation event in February."

The derivatives market has issued a warning signal

Despite Bitcoin trading prices nearing historical highs, derivative data shows signs of caution: ✓ The funding rate remains high, and the cost of leveraged long positions is increasing. ✓ Although the short-term implied volatility has slightly increased, it is still below the average of 2023. ✓ The risk reversal indicators for September and December remain bullish, but there is insufficient willingness to chase higher prices in the short term.

Analyst Ryan Lee stated: "With macro factors such as ETF fund inflows, supply shortages, and a weakening dollar, the possibility of Bitcoin reaching $150,000 in Q3 is increasing. However, this is not a one-sided market; profit-taking, interest rate expectations, and geopolitical risks may lead to short-term corrections."

Market Outlook: Short-term Corrections and Long-term Bull Market Coexisting

The market generally believes that a technical adjustment is needed after consecutive increases: → The short-term support range may test $105,000-$115,000. → The options market still maintains a long-term bullish structure. → The growth in institutional demand and the scarcity of supply constitute fundamental support.

Analysts remind traders to differentiate between short-term fluctuations and long-term trends, advising leveraged traders to closely monitor changes in funding rates and key support levels to guard against sudden retracement risks. The current market environment presents potential for historical highs, but also faces liquidation risks due to high volatility.