$500M in crypto longs liquidated as Bitcoin slips to $78K, while SOL and XRP decline 5%

Crypto markets came under pressure overnight as a wave of long liquidations triggered a sharp unwind in leveraged positions across major tokens. The selloff aligned with broader weakness in global markets, where rising bond yields and falling equities dampened risk appetite.

Bitcoin dropped to around $78,000 during early Asian trading on Saturday, leading to more than $500 million in losses for bullish traders. The 3.2% decline over the past 24 hours erased the previous week’s gains, when BTC briefly traded above $82,000.

Major altcoins followed the move lower. Solana (SOL) fell 5% to $86.98, extending its weekly decline to 7%, while XRP lost 4.3% to $1.41. Ether (ETH) dropped 3.3% to $2,189, bringing its seven-day losses to 5.3%—the largest among major tokens. BNB showed relative resilience, down 3.9% on the day but still up 1.1% over the past week. Dogecoin (DOGE) declined 4.2% to $0.1095.

Data from CoinGlass showed total liquidations reached $581 million over the past 24 hours, with long positions accounting for $552 million compared to just $28 million in shorts. Bitcoin led the wipeout at $189 million, followed by ether at $151 million. The largest single liquidation was a $21.59 million BTCUSDT position on Bitget.

The overwhelming share of long liquidations—around 95%—points to heavily one-sided positioning, which intensified the downside once prices began to fall.

The downturn coincided with a broader macro-driven risk-off move. The S&P 500 fell 1.2% in its weakest session since March, while the Philadelphia Semiconductor Index dropped 4% after leading recent gains. Bond markets also saw sharp moves, with U.S. 10-year Treasury yields rising above 4.5%, Japan’s 30-year yield hitting 4% for the first time, and U.K. long-term yields reaching a 28-year high. The U.S. dollar strengthened further, while Brent crude remained elevated above $105.

Persistent inflation concerns remain at the center of the shift. Strong CPI and PPI data earlier in the week, along with high oil prices tied to geopolitical tensions involving Iran and disruptions in the Strait of Hormuz, have pushed markets to reassess the outlook.

Assets that had been pricing in monetary easing through 2026 are now adjusting to a more hawkish trajectory, with expectations increasingly shifting toward further rate hikes—putting pressure on both traditional and crypto markets.