$200M in Longs Wiped in Under an Hour โ Leveraged Traders Are Getting Destroyed
Two hundred million dollars in long positions wiped out in a single hour. BTC below $67K, ETH below $1,940, and the Fear & Greed index just hit 5. This is what forced liquidation looks like.
$200,000,000. Gone. In 60 minutes.
That is how much was liquidated from long positions across crypto exchanges in the past hour. Traders who were betting on a bounce just got their accounts blown up in real-time.
The Numbers Right Now
โข BTC: $66,928 (-1.4%) โ rejected at $68K, now sliding
โข ETH: $1,939 (-1.6%) โ no bid, no bounce
โข SOL: $83 (-4.3%) โ alt season is a distant memory
โข DOGE: $0.105 (-3.5%)
โข SUI: $0.89 (-5.5%)
โข Fear & Greed Index: 5 โ Extreme Fear (lowest of the cycle)
The entire market is red. Not a single top-20 coin is green. Total crypto market cap has dropped to $2.37 trillion.
What Happened
A cascade liquidation. Here is how it works:
1. BTC starts dropping from $68K โ slow bleed, nothing dramatic
2. Leveraged longs (5x, 10x, 20x) start getting margin called
3. Exchanges auto-sell their positions โ more selling pressure
4. More selling โ more liquidations โ more selling
5. $200M wiped in 60 minutes
This is the liquidation cascade โ a feedback loop where forced selling causes more forced selling. It is the most brutal mechanism in crypto and it happens every time the market moves against overleveraged traders.
Who Got Rekt
The $200M in liquidations was overwhelmingly longs. These were traders who thought the bottom was in. Who saw BTC at $67K and said "this is the dip." Who opened 10x longs expecting a bounce to $70K.
Instead they got a one-way ticket to zero.
The largest single liquidation was reportedly worth millions on a single exchange. One trader, one position, gone.
Why This Keeps Happening
Crypto Twitter has a leverage addiction. When BTC dips, degens immediately open longs with maximum leverage because "it has to bounce." The problem is that market makers and exchanges can see these positions. They know exactly where the liquidation clusters are.
And they hunt them.
Every time you see a sharp wick down that immediately reverses โ that was a liquidation hunt. Price dips just enough to trigger the cascade, absorbs the forced selling, then bounces. The house always wins.
Fear & Greed at 5
The Fear & Greed Index is now at 5. For context:
โข 0-10 = Extreme Fear (we are here)
โข 10-25 = Fear
โข 25-50 = Neutral
โข 50-75 = Greed
โข 75-100 = Extreme Greed
A reading of 5 means almost nobody wants to buy. Sentiment is at rock bottom. The last time crypto saw single-digit Fear & Greed readings for multiple days was during the FTX collapse in November 2022.
We all know what happened after that.
0xShadow Take
$200M in liquidations is not the end of the world โ we have seen billion-dollar liquidation days before. But combined with Fear & Greed at 5, declining volume, and zero bullish catalysts on the horizon, this feels like a market that has not found its floor yet.
The smart play right now is to either be in cash or be buying spot with money you can afford to lose. Leverage in this environment is a death sentence. The traders who just lost $200M found that out the hard way.
Data source: CoinGlass Liquidation Data