Bitcoin Slips Below $77K as $370M in Leveraged Bets Vaporize in an Hour
A brutal one-hour stretch erased about $370 million in leveraged crypto positions, dragging Bitcoin under $77,000 and Ether beneath $2,300, per @KobeissiLetter. Both coins have since rebounded above those lows, but the wipeout highlights how fast heavy leverage can turn into a cascade of forced selling.
Crypto traders just got steamrolled. Roughly $370 million in leveraged positions got wiped out in a single hour as Bitcoin and Ether both buckled, according to a report from @KobeissiLetter cited by Crypto Briefing.
The damage was swift: Bitcoin slid under $77,000 and Ethereum dipped below $2,300. Both coins have since clawed back above those lows, but the speed of the drop left leveraged longs scrambling.
The mechanics are brutal and familiar. When forced closures pile up on major exchanges, each liquidation dumps more sell orders into an already thin book, dragging prices lower and triggering the next round of margin calls. Heavy leverage builds the kindling; one hard shove lights it.
Nothing about the broader backdrop has been quiet either. Crypto markets have been running hot on leverage, with data pointing to substantial liquidation activity across the biggest venues, a setup that keeps volatility elevated.
What to watch next: whether another wave of liquidations follows and how much downward pressure comes with it. Federal Reserve policy announcements remain a major swing factor for sentiment, and shifts in crypto regulation or big corporate Bitcoin buys could tilt the market either way.
For now, the tape shows a market that can lose hundreds of millions in an hour and still bounce. Traders holding size are on notice.
TopicsBitcoin · Ethereum · The Kobeissi Letter · Federal Reserve · Crypto Briefing
Written by Paparazzi with AI. Not financial advice.