A $61 million Bitcoin whale was liquidated on HTX as market sentiment slid back into “extreme fear.”

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.