Bitcoin dropped below $81,000, trading at $81,114, as a rapid market downturn triggered over $400 million in leveraged long liquidations across centralized exchanges within 60 minutes. The cascade created intense selling pressure that cleared significant open interest.
On-chain data from Coinglass shows Bitcoin futures open interest fell eight percent immediately after the washout—leverage being flushed hard. Funding rates across major derivatives platforms flipped negative for the first time in three weeks, meaning traders are now paying to short. The liquidation hit aggressive traders who had stacked levered longs above $82,000.
The selloff extended across the sector. Ethereum dropped to $2,438, down 5.1 percent in 24 hours. Solana traded at $108.76, while XRP stood at $1.35. Capital is flowing out of risk assets into stablecoins and off-ramps.
The Crypto Fear & Greed Index registered 64—still in "Greed" territory. That suggests the market is viewing this as a correction, not a reversal. The critical level now: $78,000 support. That's the immediate test.
