A broad deleveraging event swept through crypto markets overnight, as heavily skewed long positions were unwound in a sharp liquidation cascade across major tokens. The move came in tandem with a global risk-off shift, driven by rising bond yields and a selloff in equities.
Bitcoin fell toward $78,000 during early Asian trading on Saturday, triggering more than $500 million in losses for bullish traders. The asset declined 3.2% over the past 24 hours, reversing its recent rally that briefly pushed prices above $82,000 earlier in the week.
Altcoins moved lower in step with BTC. Solana (SOL) dropped 5% to $86.98, bringing its weekly losses to 7%, while XRP slid 4.3% to $1.41. Ether (ETH) fell 3.3% to $2,189, extending its seven-day decline to 5.3%—the steepest among major cryptocurrencies. BNB outperformed on a relative basis, slipping 3.9% on the day but still maintaining a modest weekly gain of 1.1%. Dogecoin (DOGE) also declined, down 4.2% to $0.1095.
Liquidation data from CoinGlass underscored the extent of the wipeout. Total liquidations reached $581 million over the past 24 hours, with an overwhelming $552 million coming from long positions compared to just $28 million from shorts. Bitcoin accounted for $189 million of the total, followed by ether at $151 million. The largest single liquidation was a $21.59 million BTCUSDT position on Bitget.
The dominance of long liquidations—roughly 95% of the total—signals that positioning had become heavily one-sided, leaving the market vulnerable to a sharp unwind once prices began to fall.
The crypto selloff unfolded against a deteriorating macro backdrop. U.S. equities came under pressure, with the S&P 500 falling 1.2% in its worst session since March. The Philadelphia Semiconductor Index dropped 4%, reversing part of its recent outperformance. Meanwhile, bond markets saw yields surge globally: the U.S. 10-year rose above 4.5%, Japan’s 30-year yield hit 4% for the first time, and U.K. long-dated yields climbed to levels not seen in nearly three decades. The U.S. dollar strengthened further, while Brent crude remained elevated above $105.
At the heart of the shift is inflation. Strong CPI and PPI data earlier in the week, combined with persistently high oil prices linked to geopolitical tensions involving Iran and disruptions in the Strait of Hormuz, have forced a reassessment of the policy outlook.
Markets that had previously anticipated monetary easing into 2026 are now adjusting to a more restrictive path, with expectations increasingly shifting toward further rate hikes. The repricing is rippling across both traditional financial markets and digital assets alike.
