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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

$1 Billion Liquidated in 24 Hours as Bitcoin Drops Below $83,000

Samuel Edyme
Samuel Edyme
6 months ago
3 mins read
$1 Billion Liquidated in 24 Hours as Bitcoin Drops Below $83,000

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The cryptocurrency market has experienced a sharp downturn, with Bitcoin’s price dropping below $83,000. This decline has led to a wave of liquidations totaling $1 billion over the past 24 hours, as leveraged traders faced significant losses amid the market correction.

According to Coinglass, a total of 305,170 traders were liquidated during this period, reflecting the impact of Bitcoin’s latest decline in price on investor positions.

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Detailing The Total Liquidations

The majority of liquidations came from long positions, where traders had bet on Bitcoin’s price increasing. As the market moved against them, forced sell-offs occurred, accelerating the downward momentum.

Data from Coinglass shows that long liquidations accounted for over 80% of the total, reaching $833.24 million, while short liquidations were significantly lower at $170.08 million.

Among the affected crypto exchanges, Bybit and Binance recorded the highest liquidation volumes, with $411.54 million and $242.25 million, respectively. Bitcoin itself accounted for the largest share of the total liquidations, contributing $371.66 million.

Crypto market total liquidations heatmap.
Crypto market total liquidations heatmap. | Source: Coinglass.com

Ethereum (ETH) was the second most impacted cryptocurrency, with $200.94 million in liquidations, while other crypto assets collectively accounted for over $100 million. The single largest liquidation order took place on Bitfinex, with a $13.40 million BTC position being forcefully closed.

The high liquidation volume suggests that many traders were caught off guard by Bitcoin’s price drop. With long positions dominating liquidations, it indicates that market sentiment was largely bullish before the downturn.

Bitcoin (BTC) price chart on TradingView
BTC price is moving downwards on the 2-hour chart. Source: BTC/USDT on TradingView.com

Market Outlook: Can Bitcoin Recover Soon?

Despite the sharp downturn, some analysts remain optimistic about Bitcoin’s long-term trajectory. Crypto analyst Javon Marks noted that despite the recent decline, indicators still suggest Bitcoin could be gearing up for a larger bullish rally.

Signs are still pointing towards a monumental bullish rally for Bitcoin.$BTC

— JAVON⚡️MARKS (@JavonTM1) March 4, 2025

Meanwhile, RektCapital pointed out that Bitcoin’s decline has resulted in a fully filled CME gap between $84,650 and $93,300, which could potentially lead to a price reversal in the near term.

Additionally, Ki Young Ju CEO of on-chain data provider platform CryptoQuant has recently revealed that the “market will likely remain slow until sentiment in the US improves.”

Related Reading

Bitcoin’s Exchange Flows Indicate Changing Investor Behavior—What’s Next?

Bitcoin’s Exchange Flows Indicate Changing Investor Behavior—What’s Next?

6 months ago

According to Ju, there has been no significant on-chain activity, and key indicators are neutral which indicates that the bull cycle is still very much intact.

#Bitcoin market will likely remain slow until sentiment in the U.S. improves.

There’s no significant on-chain activity, and key indicators are neutral, suggesting the bull cycle is still intact. Fundamentals remain strong, with more mining rigs coming online.

If the cycle ends… https://t.co/fSWl26d0gx pic.twitter.com/byWdweZhSQ

— Ki Young Ju (@ki_young_ju) March 4, 2025

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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