Crypto liquidations hit $2.65 billion as capitulation rises
Beincrypto reports crypto market liquidations reached $2.65 billion in the past 24 hours, with long positions accounting for more than $2.2 billion and 586,053 traders liquidated, according to CoinGlass data.
Analysts pointed to weak liquidity, negative sentiment, and cascading liquidation pressure as drivers, noting Bitcoin intraday swings of up to $10,000 and market depth at only 30% of its October peak; the Kobeissi Letter described the move as part of a structural downturn developing since October.
Glassnode recorded Bitcoin’s capitulation index posting its second-largest spike in two years, signaling forced selling. Commentators said deleveraging and reduced leverage could create a buying opportunity—Daniel Lacalle described this as a potential strong opportunity soon, and Peter Brandt suggested possible support near $42,000 under his "banana peel" model—while analysts cautioned a rapid recovery remains unlikely and timing is unclear.