Early Thursday during the Asian trading session, the price of Bitcoin (BTC) fell sharply to $72,600. This triggered a massive liquidation of leveraged positions in the crypto market. The BTC/USD pair dropped to $72,620, erasing all gains accumulated since April 13 amid reports of new US military strikes on Iran, according to Cointelegraph.com reports .
This decline also affected other large-cap cryptocurrencies, with over $80 billion exiting the crypto market in the last 24 hours. The derivatives market suffered significant losses: over $874 million in long positions were closed. Of this, $348.5 million accounted for Bitcoin and $228.5 million for Ether (ETH).
According to CoinGlass data, a total of $935.6 million in short and long positions were liquidated across the market. The largest single liquidation occurred on the Hyperliquid exchange, where a $15.34 million BTC-USD long position was forcibly closed. Additionally, Open Interest in Bitcoin futures across all exchanges has declined.
Specifically, Bitcoin OI on the Chicago Mercantile Exchange and BingX fell by 9.8% and 9%, respectively. A decline in Open Interest indicates reduced leverage and participant activity in the market, which often signals a bearish sentiment. For example, similar declines in January and February were followed by a 38% drop in BTC price.
Meanwhile, capital outflows from spot ETFs in the US continue, indicating waning interest from institutional investors. These ETFs have lost a total of $2.6 billion over eight consecutive days. Wednesday's net outflow of $733 million was the highest since January 29.
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