$1B+ in Crypto Liquidations Triggered by Worsening BTC, ETH, and SOL Sell-Offs

Cryptocurrency markets plunged sharply on Thursday, with Bitcoin, Ether, and Solana leading losses, while crypto-related equities also faced steep declines.

Major Cryptos Decline

Bitcoin (BTC) fell below $109,000, trading near $109,330, its weakest level in nearly a month. Ether (ETH) plunged 8% over 24 hours to around $3,954, erasing gains since early August and down 22% from its record highs last month. Solana (SOL), which traded above $250 only two weeks ago, dropped below $200, down 8% in the session. The CoinDesk 20 Index declined 6% amid the sell-off.

The sharp declines triggered a massive leverage purge, liquidating over $1.1 billion in positions, according to CoinGlass. ETH accounted for more than $400 million of liquidated long positions, followed by $265 million in BTC.

Crypto Equities Impacted

MicroStrategy (MSTR), the largest corporate holder of BTC, fell as much as 10% to a five-month low, erasing all of this year’s gains and leaving it down 1.5% year-to-date, even as BTC remains up 16% in the same period. Ether treasury firms Bitmine (BMNR) and Sharplink Gaming (SBET) lost 7%-8%, while bitcoin miners MARA Holdings (MARA) and Riot Platforms (RIOT) fell similarly.

Technical Outlook

Thursday’s sell-off brings BTC close to the late August–early September support zone just above $107,000. According to Hyblock Capital analysis cited by CoinDesk, order books suggest a liquidity cluster around this level that could help absorb selling pressure and support a potential short-term bounce.