Crypto Rally Turns Rugged: Bitcoin Falls to $115K, $600M of Longs Wiped Out, DOGE, SOL, XRP Drop by ~6%

Bitcoin Steadies Above $115K After $630M in Leveraged Longs Liquidated Across Crypto Markets

Bitcoin (BTC) fell to $115,200 on Thursday, trimming earlier gains but holding its ground better than most altcoins amid a sharp wave of liquidations that erased over $630 million in leveraged positions.

The bulk of the liquidations—more than $580 million—came from long positions, as traders were caught offside during an abrupt sell-off that swept across the digital asset space. Bitcoin’s relative stability boosted its dominance, even as Ether (ETH) dropped to $3,687 and Solana (SOL) retreated to $170. XRP slipped below $3, and BNB pulled back to $780 after hitting highs above $855 last week.

Data from Coinglass showed the largest individual liquidation was a $13.7 million long on ETH on Binance.

Liquidations are triggered when leveraged positions fall below required collateral levels, forcing exchanges to close them out. This can amplify volatility, particularly during intraday moves, and often indicates overcrowded trades or excessive leverage.

For market participants, liquidation data serves as a barometer of sentiment and risk. When liquidations are heavily skewed in one direction—such as Wednesday’s long flush—they often precede a market reset or reversal.

Speculative altcoins bore the brunt of the downturn. Solana-linked tokens including Fartcoin (FART), Pump.fun (PUMP), and Jupiter (JUP) saw outsized losses. FART dropped 14% to revisit its 100-day exponential moving average, JUP slipped below its 200-day EMA, and PUMP continued its decline within a persistent downtrend.

“These moves reflect localized exhaustion in retail-driven altcoins rather than a broader market breakdown,” said Ryan Lee, Chief Analyst at Bitget. “Momentum has faded, and we’re seeing some profit-taking—but Bitcoin’s structure remains intact.”

Lee noted that Bitcoin’s resilience—underpinned by steady ETF inflows and macro stability—suggests the pullback is more technical than structural.

As long as BTC holds above the psychologically key $115,000 level, analysts say, the market’s underlying bullish structure remains intact.