Bitcoin’s latest downturn produced the largest single liquidation in the past 24 hours, as the market gave back its weekend gains and risk appetite deteriorated sharply.
A $61.5 million leveraged long was forcibly closed on HTX during Monday’s slide, making it the biggest individual liquidation over the period, according to data from CoinGlass. The move came as BTC fell from Saturday’s high near $68,600 to roughly $64,400 within hours, wiping out the short-lived rally. CoinDesk has contacted HTX for comment.
The scale of the position suggests it was likely held by a large whale or fund rather than a retail trader. Across the broader derivatives market, $467.64 million in positions were liquidated over 24 hours, impacting 137,422 traders. Long positions accounted for $434 million — approximately 93% of the total — indicating that traders were heavily positioned for further upside before the selloff accelerated.
Bitcoin futures led the wipeout with $213.62 million in forced closures. Ether (ETH) followed at $113.89 million, while solana (SOL) recorded $19.89 million in liquidations. Hyperliquid’s HYPE token added $10.72 million, a notable figure for a token that typically sits outside the top tier of liquidation rankings.
Market mood turns deeply bearish
The broader decline pushed Alternative.me’s Crypto Fear and Greed Index down to 5 out of 100, firmly in “extreme fear” territory. Since the index was introduced in 2018, such a low reading has only been recorded in August 2019, June 2022, and earlier this month during bitcoin’s dip toward $60,000.
On-chain metrics from Glassnode show that pressure remains elevated. The firm reported that the seven-day moving average of net realized losses among short-term holders continues to hover near $500 million per day, signaling ongoing capitulation even after February’s initial flush.
“While the intensity has cooled, the broader regime still signals a market under pressure,” Glassnode said, noting that participants appear to be exiting positions during what could be a prolonged base-formation phase.
Bitcoin now trades roughly 48% below its October all-time high of $126,000 and about 5.5% beneath its 2021 peak near $69,000. Although the latest cascade has cleared significant leverage from the system, the prevailing pattern remains: traders attempt to buy rebounds, only to face renewed downside as momentum fades.
