Bitcoin's Drop to $73,510 Drives $715 Million in Long Liquidations

Bitcoin (BTC) briefly fell to $73,510 in a sharp 15-minute move ahead of a weekly candle close, as about $745 million in crypto positions were liquidated over one hour, mostly long bets.

BTC fell 2.77% in 15 minutes before rebounding to $75,418, near the level where the drop began. Long positions made up $715 million of the liquidations; short positions accounted for $29.62 million. Bitcoin positions represented $343 million of liquidation value, and Ether positions added $229 million. Together, BTC and Ether made up $572 million in liquidations, while long bets accounted for nearly all of the roughly $745 million total.

Ether (ETH) fell more sharply, dropping 7.3% in 15 minutes to $2,060. It later rose to $2,151, but remained 3.22% below its level before the drop. The ETH/BTC exchange rate sank 4.22% to 0.0285, its lowest level since its September peak.

Bitcoin recovered near its starting point while Ether remained weaker against it after the sell-off.