We saw bitcoin plummet from $68,600 over the weekend to $64,300 on Monday, triggering a massive wave of liquidations in the futures market. Approximately $468 million were liquidated in just a few hours, most of them long positions that exploded when the price dropped. The impact was brutal.

What caught the most attention was a colossal $61.5 million liquidation in BTC-USDT that happened on a major exchange. It was the largest single liquidation in 24 hours, according to the data I track. This wasn’t a normal margin call—its size suggests a whale or a fund that was over-leveraged. When sellers showed up, there was nobody left to hold up the price.

The entire market entered panic. The Fear and Greed Index fell to 5 out of 100—extreme fear, indeed. This has only happened three times since 2018. The net realized loss ratios of recent buyers are close to $500 million per day, according to data I saw from Glassnode. In other words, whoever bought recently is capitulating even after the February drop.

The pattern I’m seeing is always the same: bitcoin rises a little, traders reload leveraged long positions, and then a cascading liquidation wipes everything out. And it repeats. The data shows that the net ratios remain negative, indicating continued pressure in the market.

Now BTC is about 48% below its all-time high of $126K , which it reached earlier. We’re testing the $64–65K zone again, which was previously considered a ceiling and is now support. The net ratios and sentiment suggest that this cycle of strong rallies followed by violent liquidations will likely continue as long as traders don’t learn not to leverage so much during quick recoveries.

What’s interesting is that the net ratios of other assets have also taken a hit: Ethereum had $113.89 million liquidated, and Solana $19.89 million. Even the HYPE from Hyperliquid added $10.72 million in liquidations. When sentiment turns, it turns for everything.