After a relatively quiet start to the weekend, Bitcoin (BTC) price swings on Sunday sparked a sharp rise in liquidations, catching traders off guard as the asset surged and then sharply corrected within minutes.
BTC climbed aggressively on Sunday evening, reaching a multi-month high of $106,000, its highest level since January. However, the momentum was short-lived. A swift rejection at the top triggered a rapid $2,000 drop, sending BTC back to around $104,000, a zone it has been revisiting in recent weeks.
Whale Activity and Hyperliquid Position
Earlier Sunday, BTC briefly dipped below $103,000, prompting a massive $400 million long position to be opened by an anonymous whale on the decentralized exchange Hyperliquid. As of the latest CoinGlass data, the trader has now partially exited the position, which has decreased to approximately $337 million.
The sudden volatility not only impacted market sentiment but also caused widespread liquidations across both BTC and ETH positions.
$280M in Liquidations as Traders Get Wrecked
According to CoinGlass, total liquidations over the past 24 hours have climbed to nearly $280 million, with the majority occurring in the last 12 hours — directly coinciding with Bitcoin’s rapid price action.
Interestingly, while BTC shorts took a significant hit, ETH longs led the liquidation chart, accounting for over $80 million of the total wreckage. In total, more than 90,000 traders were liquidated, highlighting the impact of Sunday’s volatility.
The largest single liquidation occurred on HTX (formerly Huobi), where an ETH/USDT position worth $8.21 million was wiped out.
