Bitcoin slides 6% in Sunday slam as $400M longs wiped out
Bitcoin slides 6% in Sunday slam as $400M longs wiped out
Bitcoin sinks about 6% in a rapid Sunday move, triggering hundreds of millions in leveraged-long liquidations and signaling renewed caution in crypto markets.
Bitcoin kicked off the week with a sharp sell-off, slipping about 6% in a matter of hours and hitting intraday lows near $85,945. The move, described by traders as a brutal Sunday slam, came on thin liquidity and without a clear news catalyst, underscoring how fragile sentiment remains in the crypto complex. The drop erased a sizable portion of recent gains and highlighted the continued vulnerability of highly levered positions in an industry still digesting a tough November.
The pullback sparked a flurry of liquidations in leveraged bets, with estimates pointing to roughly $400 million in long positions wiped out within about an hour. Some figures later put total long-liquidation tallies closer to $479 million as selling momentum persisted and traders hurried to exit. The quick cascade illustrated how quickly sentiment can flip when prices move and funding rates stay stretched, amplifying losses in a market already trying to find a footing after a challenging period.
Analysts framed the dip as a leverage flush-out rather than a wholesale shift in demand fundamentals. They noted that funding rates remained elevated and ETF-related flows were cautious, suggesting institutions are remaining selective even as retail buyers hunt for rebounds. The pullback wasn’t isolated to Bitcoin; Ethereum and other major altcoins also tumbled, contributing to a broader risk-off mood that swept across the crypto market and helped erase a sizable portion of the market’s capitalization.
November has been a tough month for crypto, with Bitcoin posting one of its weaker monthly performances in years and the wider market grappling with liquidity and macro uncertainty. While some observers warn that more volatility could be ahead, others point to the potential for a rebound as liquidity returns and traders recalibrate risk. For now, market participants are watching price levels closely, looking for signs that the worst week of selling may be behind them or whether more corrections lie ahead.
Cover image source: Crypto crash: Bitcoin tanks 6% in ‘sunday slam’; $400 million longs wiped out in an hour 🔗
