Bitcoin($BTC) derivation market big dump… single day 9.613 trillion won liquidation impact

Bitcoin ( BTC ) derivation market has once again experienced a big dump shock. In just one day, approximately $713 million (about 9.613 trillion Korean won) in positions were liquidated, and investor losses have snowballed.

The first to be impacted were the long positions. As the price of Bitcoin fell below the $101,000 mark, margin call notifications surged, with around $66 million (approximately 89 billion KRW) of Bitcoin long positions liquidated in just 4 hours. According to CoinGlass data, the liquidation ratio for this round of decline reached 1342%, fully exposing the market's excessive risk appetite for going long.

Bitcoin once temporarily fell to $99,200, and the current trading price is around $100,100. Although the decline is not significant, the market is engaged in a difficult tug-of-war in the symbolic six-figure price range.

Looking at the overall market liquidation scale, the entire cryptocurrency derivation market, including Bitcoin, has approximately $713 million (about 9.613 trillion Korean Won) in positions evaporated. The liquidation amount related to Ethereum (ETH) is about $40.53 million (about 5.46 billion Korean Won), while Avalanche (AVAX) and Solana (SOL) suffered losses of $11.26 million (about 1.52 billion Korean Won) and $6.92 million (about 930 million Korean Won) respectively. The largest confirmed single liquidation occurred in the Bitcoin/USD position at the Hyperliquid exchange, amounting to approximately $15.31 million (about 2.07 billion Korean Won).

Experts believe that this big dump is a phenomenon of “leveraged cycle reset,” which has cleared the excessive leverage accumulated in the derivation market. In fact, the funding rates in the main derivation markets have shifted to a downward trend, indicating that investors are reinforcing their risk-averse tendencies.

According to the liquidity chart analysis, the current main support and resistance levels are between 98,500 and 101,300 USD. If the price strongly breaks through either end of this range, there may be additional liquidations or a rebound trend this weekend.

The Bitcoin market still tends to be bullish, but this sharp pullback once again warns of the need to be cautious of excessive optimism. Although the current market has entered a phase of technical liquidity repair, a single falling candlestick easily shatters weeks of accumulated bubbles, revealing the fragile nature of this market.