Bitcoin Decline Erases $500M in Bullish Bets in Asian Trading Hours

Crypto Markets Hit by $646M in Forced Liquidations

Crypto markets suffered a wave of forced liquidations early Monday, wiping out nearly $646 million in leveraged positions and extending losses for bitcoin (BTC), ether (ETH), and large-cap altcoins. Longs made up roughly 90% of the liquidations, with the largest single trade a $14.48 million ETH-USDC order on Binance. Binance, Hyperliquid, and Bybit each recorded over $160 million in liquidations during the Asian session.

Bitcoin fell over 5% to around $86,000, while ether dropped more than 6% to near $2,815. Solana, XRP, BNB, and Dogecoin declined 4–7%, with Cardano and Lido Staked Ether seeing heavier losses. Traders attributed the sharp move to thin liquidity and macro uncertainty.

Monday’s purge echoed earlier sell-offs this year, where concentrated long positions and funding shifts triggered cascading liquidations. Open interest across BTC and ETH perpetuals fell further, indicating that excess leverage from October’s rally is still unwinding. With risk appetite fragile, volatility is expected to remain elevated until U.S. session liquidity improves.