Bitcoin fell to $78,000 as a massive long liquidation event wiped out over $550 million in leveraged positions. The leading crypto traded at $78,030.1 early Saturday.
The drop erased all gains from the past week, when Bitcoin briefly traded above $82,000. Total crypto liquidations reached $581 million, with 95% from long positions.
Bitcoin led with $189 million in liquidations, followed by Ether at $151 million. The largest single liquidation was a $21.59 million BTCUSDT order on Bitget.
The selloff was triggered by US inflation data and oil prices above $105 per barrel, fueling expectations of a Fed rate hike. The 10-year Treasury yield surpassed 4.5%.
Meanwhile, on-chain data showed Bhutan's sovereign fund Druk Holding may have sold $1 billion in Bitcoin since mid-2025, reducing its holdings from 13,000 BTC to 3,220 BTC. Officials deny the sales.
Altcoins also plunged: Ether fell 3.57%, XRP 4.13%, Solana 5.46%, BNB 4.51%, Cardano 4.81%, Dogecoin 4.31%, and TRUMP 8.02%.
