Bullish crypto bets lose $1.6 billion as ETH, SOL, DOGE drop 9%

Crypto traders faced a $1.6 billion loss as ETH, SOL, and DOGE saw a 9% drop, with $1.84 billion in leveraged positions liquidated amid significant market turmoil.

Crypto traders were jolted earlier today as bull bets took a massive hit during a significant price drop. In the aftermath, nearly $1.84 billion in leveraged crypto positions were liquidated over the past 24 hours, marking one of the largest wipeouts since February 5. What led to this carnage, and what does it signal for the future? What Triggered This Massive Liquidation Event? Bitcoin's price plunged below $66,000 , dragging altcoins along with it. Ether fell under $1,900 , while Solana (SOL) and Dogecoin (DOGE) experienced a similar 9% drop. The most significant unwinding in this wave was a hefty $59.67 million BTC-USDT long position on HTX. The impact was tremendous, with long positions suffering the majority of the pain — about $1.66 billion of the total loss. Bitcoin longs alone accounted for approximately $883.66 million of that amount, while ether longs lost around $475.73 million . SOL longs were not left unscathed either, suffering hits of $91.18 million . Where Did These Liquidations Occur? Major exchanges dominated the landscape of liquidations, spearheading the massive sell-off. Binance was responsible for about $748 million , or roughly 41% of the total, with an overwhelming 89% of those positions being long. Hyperliquid handled $314 million in liquidations, with an astounding 94% of those also being longs. Bybit followed closely, logging $247 million in liquidations, with 93% of those attributable to long positions. What Does Rising Open Interest Indicate? Interestingly, while long positions were being wiped out, Bitcoin’s open interest—a measure of the total value in unsettled leveraged futures contracts—actually increased from approximately 759,000 BTC to 788,600 BTC . This rise suggests that new short positions are being opened rather than existing long positions closing, which points to a growing bear sentiment emerging in the market. How Are Retail and Whale Traders Positioned? The positioning of different trader types paints a complex picture. R