Crypto Market Plunge: $1.1B Liquidated as BTC Hits 2-Week Low

Bitcoin’s decline began earlier today when the cryptocurrency faced strong resistance at $111,000, according to CryptoPotato reporting. The initial rejection saw BTC drop approximately $4,000 to $107,000, where it briefly stabilized and even attempted a recovery to $108,000. However, bears regained control an hour later, pushing the asset further south to $105,300 on Bitstamp, marking its lowest level in two weeks.

The rapid descent proved particularly devastating for over-leveraged traders, with Bitcoin alone seeing over $300 million in long positions liquidated on a daily scale. The severity of the move caught even experienced market participants off guard, demonstrating how quickly sentiment can shift in the volatile cryptocurrency space. The rejection at key resistance levels signaled a significant shift in market dynamics that would soon spread throughout the entire crypto ecosystem.

The market downturn proved catastrophic for several prominent traders who had maintained impressive records until today’s crash. Lookonchain reported that Machi Big Brother, a well-known market participant, was fully liquidated with total losses exceeding $15 million. The wipeout represents one of the most significant individual casualties of the day’s trading action.

Even more dramatic was the fate of trader 0xc2a3, who had maintained a perfect 100% win streak until today’s market collapse. According to Lookonchain data, the trader “surrendered” by closing all Bitcoin long positions and partial Ethereum and Solana longs at significant losses. Their total profit and loss flipped from an impressive +$33 million to a staggering -$17.6 million, representing a swing of over $50 million in a single day.

These high-profile liquidations underscore the dangers of leverage during periods of extreme volatility, even for traders with previously impeccable records. The rapid unwinding of these large positions likely contributed to the downward momentum, creating a feedback loop that accelerated the market decline.

While Bitcoin’s decline set the stage, altcoins suffered even more severe losses during the market rout. Major cryptocurrencies including Ethereum slipped below $3,600, BNB dropped under the psychological $1,000 level, XRP lost crucial support at $2.40, and Solana plunged below $170 after an 8% daily decline. The broader market weakness demonstrated that no segment of the cryptocurrency space was spared from the selling pressure.

The pain was even more pronounced among smaller altcoins, with several tokens experiencing double-digit percentage declines. ASTER led the downward charge with a 20% drop, followed by WLFI and APT both declining 12%. Meme coin PEPE dropped 11.3%, while WLD and ARB both fell 11%. The widespread nature of the declines suggested a market-wide risk-off sentiment rather than isolated weakness in specific sectors.

According to CoinGlass data, the total value of liquidated positions skyrocketed to more than $1.1 billion across all cryptocurrencies. The scale of the damage was reflected in the number of affected traders, with more than 300,000 market participants experiencing liquidations. The single largest position occurred on HTX exchange, worth almost $34 million, highlighting the concentration of risk in certain trading venues.