Crypto Market Sell-Off Deepens Post-Bybit Hack: $1.34 Billion Liquidated

Crypto Liquidations Surge Amid Market Downturn

The crypto market is experiencing a sharp sell-off in the wake of the Bybit hack, with total liquidations reaching $1.34 billion in the past 24 hours. This marks the largest liquidation event of the year, with Bitcoin (BTC), Ethereum (ETH), and XRP leading the decline. Over 363,000 traders have been affected as major cryptocurrencies face significant price drops.

Bitcoin Leads the Liquidation Wave

Bitcoin accounted for the largest share of liquidations, totaling $526.31 million. Long traders bore the brunt, with $502.5 million lost, while short traders saw $23.81 million in liquidations. Ethereum followed closely, with $292.42 million in liquidations, primarily from long positions ($270.13 million). XRP also saw substantial losses, with $56.77 million liquidated, marking its highest liquidation value to date.

Altcoins Join the Downtrend

The sell-off extends beyond major cryptocurrencies, with nearly all top 100 altcoins experiencing significant price declines. Coins like Solana (SOL), Dogecoin (DOGE), and Litecoin (LTC) are also impacted, reflecting broader market uncertainty. Despite the bearish trend, futures traders remain optimistic, betting on a potential price rebound.

Rebound Hopes Amid Market Volatility

While the crypto market faces headwinds, institutional interest remains a positive sign. Michael Saylor’s Strategy recently invested $2 billion into Bitcoin, inspiring other Wall Street firms to adopt a BTC treasury strategy. This institutional adoption could pave the way for a price recovery, despite current market challenges.