$646 million Get Liquidated! long positions are being slaughtered, BTC and ETH lead the market in fall.

The cryptocurrency market opened with a bloodbath on Monday.

Nearly $646 million in leveraged positions were liquidated, with bulls accounting for nearly 90%—another major defeat for the bulls. Bitcoin plummeted directly through the $86,000 mark, falling over 5%; Ethereum fared even worse, losing the $2815 support level and dropping more than 6% in a single day. What about other mainstream altcoins? They followed suit.

The wave of sell-offs primarily erupted on a leading trading platform, Hyperliquid, and a certain derivatives exchange. The data doesn’t lie: the market remains very fragile, and the issue of liquidity exhaustion has not been resolved since the collapse in November. High-leverage players are dancing on the edge of a knife, and any slight disturbance can lead to liquidation.

The current market really can't stand any more turmoil.