On Tuesday, Bitcoin’s price briefly surpassed the $70,000 threshold; however, it quickly fell by 3.5% to around $67,000—causing a significant number of leveraged position liquidations throughout the market.
Amid the approval of a spot Ethereum ETFs yesterday, this volatility led to the liquidation of over $378 million in leveraged positions over the past 24 hours—with long positions accounting for $295 million of that total, according to CoinGlass data. Liquidations occur when a trader’s position is automatically closed because they lack sufficient funds to maintain their position, often due to market movements that deplete their initial margin or collateral.
Major altcoins such as SOL, the native coin of the Solana network, dropped slightly to $167, marking a daily drawdown of 4%.