Bitcoin on the decline, altcoins in danger: $19 billion loss in the market.

Severe fluctuations observed in the cryptocurrency market in the last 24 hours continue to attract investors' attention. Bitcoin (BTC) price has fallen to a level of $101,516, causing concern among investors, while it managed to recover to a level of $110,563 shortly afterward. During this process, total liquidations exceeded $19 billion.

According to data from Wu Blockchain, Bitcoin lost 7.03 percent of its value on a daily basis, while Ethereum (ETH) experienced a 9.11 percent drop. The price of Ethereum fell to as low as $3,400 during the day. According to Coinglass data, about $16.6 billion of the liquidations that occurred during this period consisted of long positions, which is noteworthy.

During this sudden market crash, it was reported that 1.66 million investors were liquidated, with the largest liquidation occurring on the Hyperliquid exchange valued at $203 million in the ETH-USDT pair. On the other hand, Binance emphasized that due to system overload, some users experienced delays and display issues, but user funds remained safe.

Data indicates that more than half of the liquidations were recorded on the Hyperliquid exchange. A total of $10.3 billion worth of positions were closed on this platform, with more than 90 percent consisting of long trades. Other significant exchanges experiencing the most liquidations include Bybit with $4.6 billion, Binance with $2.4 billion, and OKX with $1.2 billion. Despite the intense selling on Hyperliquid, the profit of HLP Vault increased from $80 million to $120 million within 24 hours. This situation indicates that sudden price fluctuations have made certain arbitrage strategies favorable.

Experts believe that this sharp selling wave in Bitcoin was triggered by the chain liquidation of high-leverage long positions. Additionally, it is assessed that increasing overly optimistic market positioning in recent weeks accelerated this crash. Analysts emphasize that it is crucial for Bitcoin to maintain levels above $100,000 in the short term.