Bitcoin plummeted to $77,000, triggering over $526 million in liquidations across cryptocurrency exchanges in a single hour. The vast majority were long positions.
The drop followed Bitcoin's failure to break through the $79K to $80K resistance zone. The slide below $77K set off a cascade of forced closures.
Liquidation occurs when a leveraged trader's position moves against them far enough that the exchange closes it automatically to prevent further losses.
This single-hour figure is part of a broader weekend volatility event. Reports indicate total long liquidations exceeded $800 million, with over $300 million recorded as Bitcoin slipped below $77,000.
The selloff came after nine consecutive days of spot Bitcoin ETF inflows totaling approximately $2.12 billion. That sustained institutional buying emboldened leveraged traders, who piled into long positions expecting continued momentum.
Near-term support is now in the $75,000 to $77,000 range. The $79,000 to $80,000 level is the resistance that bulls need to reclaim.