I noticed this morning that the crypto markets are going through a tough phase with a significant wave of forced liquidations. The figures are quite impressive: nearly $650 million in leveraged positions were liquidated across major platforms during the Asian session.

What stands out is the concentration of liquidations on long positions, which accounted for about 90% of the total. The three largest exchanges each recorded over $160 million in crypto liquidations, with a particularly massive ETH-USDC order exceeding $14 million on one platform. This kind of movement typically indicates market extremes.

Prices logically followed suit: Bitcoin lost ground, approaching $73,000, while Ethereum slipped toward $2,250. Solana, XRP, BNB, and Dogecoin all dropped between 4% and 7%, with Cardano experiencing even larger losses. This type of crypto liquidation creates a rapid domino effect.

The context plays a key role here. Liquidity remains limited, and traders point to macroeconomic uncertainty combined with low volumes. After several weeks of accumulating long positions up to resistance levels, a simple shift in market sentiment triggered the cascade. Open interest on BTC and ETH perpetual contracts continues to decline, suggesting that the delicate balance of leverage built up in October is gradually unwinding.

The market seems to be seeking its balance, but with risk appetite so fragile, intraday movements are likely to remain volatile until liquidity improves and positions truly stabilize.