$500 million in long liquidations hit crypto markets as Bitcoin slides to $78,000; SOL, XRP sink 5%

A sharp unwind of leveraged long positions rattled crypto markets overnight, triggering a broad liquidation cascade across major tokens. The selloff mirrored weakness in global risk assets, as bond yields surged and U.S. equities logged their worst session since March.

More than $500 million in bullish crypto bets were wiped out as bitcoin slipped toward $78,000 during Saturday’s early Asian trading. The asset declined 3.2% over the past 24 hours, fully reversing gains from the prior week when it briefly pushed above $82,000.

Losses extended across large-cap altcoins. Solana (SOL) dropped 5% to $86.98, bringing its weekly decline to 7%, while XRP fell 4.3% to $1.41. Ether (ETH) shed 3.3% to $2,189, marking a 5.3% loss over seven days—the steepest among major tokens. BNB showed relative strength, down 3.9% on the day but still holding a 1.1% weekly gain. Dogecoin (DOGE) fell 4.2% to $0.1095.

Data from CoinGlass showed total liquidations reached $581 million in the past 24 hours, heavily skewed toward longs at $552 million, compared to just $28 million in short positions. Bitcoin accounted for the largest share at $189 million, followed by ether at $151 million. The biggest single liquidation was a $21.59 million BTCUSDT position on Bitget.

The extreme imbalance—roughly 95% of liquidations coming from long positions—highlights how crowded bullish leverage had become, exacerbating downside pressure once momentum turned.

Macro conditions added to the risk-off sentiment. The S&P 500 fell 1.2%, marking its weakest performance since March, while the Philadelphia Semiconductor Index dropped 4% after leading recent gains. Treasury yields climbed sharply, with the U.S. 10-year rising above 4.5%. Japan’s 30-year yield touched 4% for the first time, and U.K. long-dated yields hit a 28-year high. The dollar strengthened further, while Brent crude settled above $105.

At the center of the shift is persistent inflation pressure. Strong CPI and PPI readings earlier in the week, coupled with elevated oil prices linked to geopolitical tensions involving Iran and disruptions in the Strait of Hormuz, have forced markets to reassess expectations.

Crypto, which had been pricing in looser monetary conditions through 2026, is now adjusting to a more hawkish outlook, with traders increasingly positioning for the possibility of additional rate hikes rather than cuts.

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