Bitcoin Slides Toward $78K as Leveraged Crypto Bets Trigger $580M Liquidation Wave

Crypto markets turned sharply lower on Saturday as bitcoin erased its recent rally and leveraged traders faced massive liquidations amid worsening macroeconomic pressure.

Bitcoin fell roughly 3.2% over the past 24 hours, sliding close to the $78,000 mark after briefly reclaiming levels above $82,000 earlier in the week. The decline effectively wiped out nearly all gains posted over the previous seven days.

Major altcoins also suffered steep losses. Solana dropped nearly 5% to trade below $87, extending its weekly decline to 7%. XRP lost over 4% to around $1.41, while ether slipped 3.3% to roughly $2,189, making it the weakest-performing major token on a weekly basis with losses exceeding 5%. Dogecoin and BNB also moved lower, though BNB managed to retain a slight weekly gain despite the broader market downturn.

The selloff triggered a wave of forced liquidations across derivatives markets. Data from CoinGlass showed total liquidations reached approximately $581 million within 24 hours, with bullish traders accounting for the overwhelming majority of losses. More than $550 million in long positions were wiped out compared to just $28 million in short liquidations.

Bitcoin-related positions recorded the highest losses at roughly $189 million, followed by ether at $151 million. The largest individual liquidation reportedly involved a BTCUSDT trade worth more than $21 million on Bitget.

The sharp imbalance between long and short liquidations highlighted how aggressively traders had positioned for continued upside momentum. As prices reversed, heavily leveraged bullish bets were rapidly unwound across exchanges.

Broader financial markets also added pressure to digital assets. U.S. equities posted heavy losses Friday, with the S&P 500 suffering its weakest session since March. Semiconductor stocks, which had previously fueled much of the market rally, also retreated sharply.

Meanwhile, government bond yields continued climbing globally. U.S. 10-year Treasury yields rose above 4.5%, Japan’s 30-year bond yield touched 4% for the first time, and long-term U.K. borrowing costs climbed to levels not seen in nearly three decades. The U.S. dollar strengthened further while Brent crude oil remained above $105 per barrel.

Investors are increasingly concerned that persistent inflation and rising energy prices tied to the Iran conflict and disruptions around the Strait of Hormuz could force the Federal Reserve to maintain tighter monetary policy for longer. Markets that previously expected rate cuts through 2026 are now beginning to price in the possibility of additional hikes instead, putting renewed pressure on risk assets such as cryptocurrencies.