$600M of Long Bets Liquidated Amid Bitcoin’s Drop to $115K, With DOGE, SOL, and XRP Down About 6%

Bitcoin Steadies at $115K as Over $630M in Leverage Gets Flushed in Market Pullback

Bitcoin (BTC) briefly fell to $115,200 in Thursday trading, unwinding a portion of its recent rally while maintaining relative strength against altcoins. The broader crypto market saw over $630 million in liquidations, with the majority—more than $580 million—coming from long positions caught in an aggressive intraday sell-off.

BTC dominance ticked higher during the drawdown, reflecting its resilience compared to majors like Ethereum (ETH), which declined to $3,687. XRP fell below $3.03, Solana (SOL) dipped to $170, and BNB slid to $780 after peaking above $855 last week.

Coinglass reported the largest single liquidation as a $13.7 million ETH long on Binance.

Liquidations occur when traders using margin are forcibly exited from positions due to insufficient collateral. In markets with high leverage, these events often exacerbate short-term price swings, accelerating downward momentum when long-side liquidations cluster.

Analysts view this liquidation wave as indicative of overstretched bullish positioning. Spikes in one-sided liquidations often precede periods of consolidation or reversal as markets rebalance.

Altcoins tied to the Solana ecosystem took a harder hit. Fartcoin (FART) tumbled 14% to test its 100-day EMA, while Jupiter (JUP) lost its 200-day support and Pump.fun (PUMP) extended its decline within a bearish channel.

“These tokens are especially reactive to sentiment shifts,” said Ryan Lee, Chief Analyst at Bitget. “The pullbacks appear to be driven more by profit-taking and short-term momentum loss rather than any systemic breakdown.”

Lee noted that Bitcoin’s stability, backed by consistent ETF inflows and improving macroeconomic indicators, suggests the sell-off remains contained. As long as BTC holds above $115,000, market structure is broadly viewed as intact.