Other major cryptocurrencies are showing similar declines, with Ethereum falling 2.7% in the last day to a recent price of $2,059 and Solana declining over 3% to a price of $84.
Long positions—or bets that an asset's price will rise—dominate the carnage with $827 million worth of liquidations.
“Geopolitical shocks no longer hit crypto directly the way they once did,” said Yellow Capital CEO Diego Martin. “They hit Treasury yields, which hit risk appetite, which hits ETF flows, which hit Bitcoin. The transmission is more institutional now.”
