A significant leveraged Bitcoin bet worth $61.5 million was forcibly liquidated on the HTX exchange, marking the largest single liquidation in the past 24 hours. This event occurred as the price of Bitcoin shed weekend gains, falling from a high of $68,600 to $64,400.
The liquidation, substantial enough to suggest a major fund or whale position, was part of broader market liquidations totaling $467.64 million across all cryptocurrencies. Long positions bore the brunt, accounting for approximately 93% of the total liquidations, indicating a market that was heavily positioned for upside.
The sell-off has driven the Crypto Fear and Greed Index back to a reading of 5 out of 100, categorized as 'extreme fear.' This sentiment has only been seen a few times since the index's inception in 2018.
Data from Glassnode indicates continued stress, with recent Bitcoin buyers experiencing net realized losses near $500 million per day. This suggests short-term holders are capitulating. Bitcoin currently trades below its previous all-time highs, with levels once considered resistance now acting as floors being repeatedly tested.