The cryptocurrency sector experienced a dramatic flash crash on Thursday, resulting in nearly $800 million worth of leveraged positions being liquidated within a 24-hour period.
The most intense destruction happened during a single, fierce hour of trading that caught bullish investors completely off guard.
Data from CoinGlass reveals that an astonishing $301.15 million in long positions were eliminated in just one hour, with longs making up 96% of the total losses.
Bullish traders had no chance to respond as Bitcoin plummeted from peaks near $90,600 down to the critical support level around $84,000.
The Liquidation Avalanche
Throughout the entire day, liquidations totaled $797.91 million. Of this amount, bullish traders accounted for approximately $690.26 million as they speculated on further price surges.
Bitcoin ($BTC) dropped by 5.3% to reach $84,635, pulling down the wider cryptocurrency market along with it.
The largest single liquidation event took place on Hyperliquid where an enormous position valued at $31.64 million in BTC-USD was forcibly closed out.