By A brutal Sunday evening for cryptocurrency traders saw $420 million in long positions liquidated across major exchanges, with Bitcoin’s sudden 8% drop catching many retail investors off guard. Data from Coinglass shows:
- Binance: $187M liquidations
- OKX: $112M liquidations
- Bybit: $89M liquidations
“The leverage bomb detonated around 7:45 PM ET when BTC broke below $63,500,” said LMAX Digital analyst Joel Kruger. “We saw cascading liquidations as stop-loss orders triggered in rapid succession.”
Retail-focused platforms like Robinhood Crypto reported app outages during peak volatility, while Coinbase’s retail trading volume spiked 240% above its 30-day average. Social media sentiment turned sharply negative, with the Crypto Fear & Greed Index dropping from 72 (Greed) to 54 (Neutral) in under six hours.