$967M wiped in 24 hours as altcoins plunge
The cryptocurrency market entered a steep correction early Friday, with over $967 million in long-leveraged positions liquidated in under 24 hours. While Bitcoin (BTC) remained relatively stable around $118,000, major altcoins like Ethereum (ETH), XRP, and Solana (SOL) plunged more than 10%, exposing the fragility of speculative derivatives positions.
What happened in the crypto market?
A sharp deleveraging event triggered Thursday’s downturn, as open interest in Ethereum and XRP ballooned to over $44 billion earlier this month. The market purge resulted in:
- $200 million in ETH liquidations
- XRP and SOL also facing steep drawdowns
- BTC liquidations totaling $84 million—much lower by comparison
Analysts are calling this a “wake-up call”…
