Bitcoin’s retreat on Monday triggered the largest single liquidation of the past 24 hours, as prices erased weekend gains and sentiment collapsed to extreme levels.
The downturn forced the closure of a $61.5 million leveraged long position on HTX, marking the biggest individual wipeout over the period, according to CoinGlass. The liquidation came as BTC slid from Saturday’s high of $68,600 to around $64,400 within hours, reversing the bulk of its weekend rally. CoinDesk has reached out to HTX for comment.
The size of the position suggests it likely belonged to a large whale or institutional player rather than a retail trader caught in a routine margin call. Broader market data from CoinGlass shows $467.64 million in total liquidations across 137,422 traders during the same stretch. Of that figure, $434 million — roughly 93% — stemmed from long positions, underscoring how heavily traders were leaning bullish before bids evaporated.
Bitcoin futures accounted for $213.62 million in forced closures, while ether (ETH) followed with $113.89 million and solana (SOL) with $19.89 million. Hyperliquid’s HYPE token contributed another $10.72 million — an unusually large tally for an asset that typically sits outside the top liquidation rankings.
Fear dominates sentiment
The selloff pushed Alternative.me’s Crypto Fear and Greed Index down to 5 out of 100, firmly in “extreme fear” territory. That reading has only been seen three times since the index debuted in 2018: in August 2019, June 2022, and earlier this month when bitcoin briefly tumbled toward $60,000.
On-chain metrics from Glassnode highlight ongoing stress among recent buyers. The firm reported Monday that the seven-day moving average of net realized losses for short-term holders remains close to $500 million per day, signaling continued capitulation even after February’s sharp drawdown.
“While the intensity has cooled, the broader regime still signals a market under pressure,” Glassnode said, noting that participants in what appears to be a base-building phase are still selling at a loss.
Bitcoin is currently trading 48% below its October all-time high of $126,000 and about 5.5% under its 2021 bull-market peak near $69,000 — once viewed as a ceiling, now repeatedly tested as potential support. Although Monday’s cascade flushed out leverage, the broader pattern persists: traders continue to re-enter long positions on rebounds, only to face renewed downside pressure when momentum fades.
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