Bitcoin slides under $77,000 and ETH under $2,300 as $370M of leverage unwinds

Bitcoin slipped under $77,000 and Ethereum dropped below $2,300, according to a breaking alert from @KobeissiLetter on X. The move wasn't slow — roughly $370 million worth of leveraged positions were liquidated in just 60 minutes, the account said.

That's the tell that the selling wasn't just spot holders hitting the bid. Leveraged positions get force-closed when a trader's collateral can't cover the loss, and exchanges do the selling for them. When enough of those closures hit at once, the forced selling piles onto itself.

An hour is a brutally short window for $370 million to get wiped out. Both of the market's biggest assets broke through round-number levels in the same stretch, which tends to concentrate stops and liquidation triggers right where the price was already heading.

The figures come from @KobeissiLetter's post and reflect where the two assets stood at that moment. Prices in a cascade like this move fast, and the levels cited are a snapshot, not a floor.