Last night, when Bitcoin hovered around $70,000, the crypto market experienced a very bad day. I was shocked to learn that 141,000 traders were liquidated within 24 hours, with losses totaling $541 million. Long positions accounted for $443 million of this, meaning almost everyone invested on the wrong side.

Actually, this is due to the expiration of options contracts on Deribit. On Friday, a block of contracts worth $1.72 billion closed exactly at the $70,000 strike, and the price stabilized at this "maximum pain" point. Traders have been trying to keep the price within this narrow band since Thursday midnight. Bitcoin led with $191 million in liquidations, followed by Ethereum with $165 million — notably, a single move that wiped out a $18 million ETH/USDT position on Ethereum was particularly striking.

Funding rates turned negative across all major coins, and open positions decreased by 5.6%, falling to $107 billion. These crypto liquidation events are not just about price drops; they also mean a complete withdrawal of capital from the market. Ethereum futures declined by 9% along with a 6% drop in spot price — this combination is a sign of genuine selling pressure.