Bitcoin Price Rises to $75.6k, Buying Conviction Still Low
Bitcoin (BTC) rose slightly to $75.6k amid low buying conviction after recent selloffs in the cryptocurrency market. With $9 billion in transaction value, BTC trading volume fell about 9% in 24 hours as crypto continued its struggle to break out.
A recent Bitcoin (BTC) price drop triggered more than $1 billion of forced liquidations across crypto derivatives, showing how hard a leveraged market can snap during a selloff.
BTC liquidations in a single crash window totalled hundreds of millions of dollars on major exchanges, mostly wiping out long positions.
The move hit a market that still carries very large open interest and has seen recent spot Bitcoin ETF outflows, magnifying downside pressure.
Liquidations are forced closures of leveraged positions when traders cannot meet margin calls, and in the latest BTC pullback, they reached ten-figure territory market-wide.
Crypto analysts reported about $736.6 million in liquidations across Binance, Bybit, and OKX, with roughly $662.1 million in long positions and only $74.5 million in shorts.
A broader selloff described in derivatives coverage liquidated “over $1 billion in crypto positions,” reinforcing that most of the pain fell on traders betting on further upside rather than on shorts that were hedging or speculating on a drop.
Altcoins were not spared: assets such as XRP and Zcash each saw multi-million dollar long liquidations in their own windows as BTC’s reversal cascaded into the rest of the market.
A sharp BTC move can quickly erase highly leveraged long bets across the market, even if spot holders don’t sell.
The liquidation spike happened in a market that still carries heavy derivatives exposure. Total perpetual open interest is about 332.04 B USD, down only around 8 percent over 24 hours, and futures open interest remains above 1.14 B USD.
BTC liquidations over the last 30 days total about 3.2 B USD, showing that repeated squeezes have been a feature of this regime, not a one-off event.
At the same time, United States spot Bitcoin ETFs just had their worst week since June, with about $1.28 billion in net outflows and holdings falling to roughly $95.9 billion, according to an analysis of ETF flows that includes weekly outflow data.
When ETF investors redeem and interactively sell underlying BTC, adding spot supply that interacts with large leveraged positioning.
Sentiment is fragile. The Fear & Greed index sits near “Fear” at 31, while BTC dominance hovers around 60 percent, suggesting that despite the stress, capital has not rotated aggressively into higher beta altcoins.
Technical traders are tracking derivatives open interest and funding rates. Rising open interest with rich positive funding after a selloff can rebuild the same squeeze risk.
Spot ETF flows movement could impact price. Continued large net outflows from major BTC ETFs would keep adding sell pressure, while stabilising or positive flows would help absorb it.
Stable or rising dominance with flat market cap suggests defensive positioning; falling dominance with recovering cap often marks a shift back toward altcoin risk.
The liquidation number itself is history but how quickly leverage rebuilds, and whether spot flows stabilize, will shape the next move more than the last cascading squeeze.
The BTC selloff that produced more than $1 billion in liquidations was less about a single headline number and more about a leveraged structure under stress.
Heavy long positioning, recent ETF outflows, and a cautious sentiment backdrop combined to turn a price drop into a forced selling cascade.
Watching leverage rebuild, ETF flows, and BTC’s share of the market will be key to judging whether this was a cleansing flush or the opening act of a deeper drawdown.
