Bitcoin hits a two-week low as $300 million in long positions are liquidated

Crypto markets slid to their weakest levels in more than two weeks as bitcoin fell below $67,000 and ether approached the $2,000 mark, reflecting a fragile risk backdrop shaped by rising oil prices, softer equities and continued unwinding of leveraged long positions.

Bitcoin was trading near $66,500, while ether hovered just above $2,000. The broader market followed suit, with the CoinDesk 20 Index (CD20) down 2.2% since midnight UTC, marking its lowest level since March 9.

The decline came alongside weakness in traditional markets. Nasdaq 100 futures dropped to around 23,760, now roughly 10% below their January peak, underscoring a broader shift toward risk aversion.

Much of the pressure stems from macro concerns. Oil prices remain above $100 per barrel as tensions around the Iran conflict persist, raising fears of prolonged inflation and tighter financial conditions.

Altcoins underperformed on the day, highlighting the market’s fragility. Tokens such as ETHFI fell 6%, while WLD, WIF, SEI and FET posted losses between 3.6% and 4.7%.

Derivatives positioning

Leverage played a key role in amplifying the downturn. Over the past 24 hours, nearly $300 million in long positions were liquidated, compared with just $50 million in shorts—marking the fifth time in 10 days that bullish bets have faced heavy losses. The pattern suggests traders had been positioned for geopolitical tensions to drive prices higher, a narrative that has yet to materialize.

XRP dropped more than 2.5% during the same period, even as futures open interest climbed 2% to 1.95 billion tokens, the highest since early February. The divergence points to growing interest in short positions. Negative cumulative volume delta and sub-zero funding rates reinforce the bearish bias.

Similar dynamics were observed across bitcoin, solana, dogecoin and BNB futures, all showing signs of increasing downside positioning.

Memecoin SHIB stood out for having the most negative open-interest-adjusted cumulative volume delta among major tokens, signaling aggressive derisking. In contrast, Canton Network’s CC token showed relative strength, with rising open interest and positive funding rates indicating demand for bullish exposure.

Volatility metrics tell a more measured story. Bitcoin and ether’s 30-day implied volatility indices, BVIV and EVIV, continued to decline despite falling prices, suggesting traders are not yet bracing for extreme turbulence.

On Deribit, more than $15 billion worth of bitcoin options expired on Friday, removing the previously cited “price magnet” around $75,000 and potentially opening the door for further downside amid a weakening macro environment.

Options markets also reflect a defensive stance. Bitcoin and ether put options are trading at a 6–8 volatility premium over calls across maturities, signaling persistent demand for downside protection.

Token trends

The broader altcoin market struggled to hold key support levels in a low-liquidity environment. The CoinDesk Computing Select Index (CPUS) led losses, falling 2.3%, while the broader CoinDesk 20 Index declined 1.2%.

One exception was ONDO, which rose after Ondo Finance announced plans to tokenize five Franklin Templeton ETFs and bring them onto its blockchain. The token gained more than 8% over the past 24 hours, though it pared some of those gains later in the session.

Despite the sell-off, the average relative strength index (RSI) across crypto assets remains neutral, suggesting the market may still have room to extend losses in the near term.