Crypto Carnage: $700M Liquidated as Market Plunge Leaves Traders Reeling

Blood in the streets—again. Another 'healthy correction' just vaporized nine figures from leveraged positions. Who could've seen this coming? (Besides everyone who read the charts.)

Liquidation Tsunami Hits Overleveraged Bulls

The dominoes fell fast when BTC breached critical support. Longs got obliterated faster than a shitcoin's roadmap—$700 million gone in the blink of a trading bot's eye.

Market Mechanics 101: Gravity Still Works

Exchanges executed their favorite function: harvesting trader equity. The cascade hit altcoins hardest—as usual—because nothing amplifies losses like illiquid markets pretending to be assets.

Silver lining? At least the 'buy the dip' crowd now gets to test their conviction. Just remember: Wall Street sharks smell blood in algorithmic water.

Ethereum Leads Liquidation Wave

From the total liquidation, ethereum (ETH) amounted for the most with it seeing nearly $250 million in liquidation. Likewise, forced closures were experienced for Dogecoin, XRP, Solana, and ENA. Such events happened when traders failed to meet margin requirements during the heightened market volatility. 

Despite the recent pullback, institutions hold onto their optimism. The Japanese hotel company Metaplanet is gearing up to raise $3.7 billion through a preferred stock offering. This capital will help them work towards their goal of acquiring 210,000 BTC by 2027, a jump from their current stash of 17,132 BTC.

Also Read: crypto market Sees $802M in Liquidations as Bullish Bets Unwind