Bitcoin Holds Above $115K as $630M in Leveraged Longs Liquidated Amid Market Pullback

Bitcoin (BTC) slipped to $115,200 in the past 24 hours, paring recent gains but holding steady relative to the broader crypto market, where altcoins endured sharper losses. BTC dominance edged higher, highlighting its relative resilience as the correction unfolded.

The drop came amid a wave of liquidations totaling over $630 million across major exchanges, with long positions bearing the brunt—over $580 million in bullish bets were wiped out as markets reversed sharply intraday.

Ether (ETH) fell to $3,687, XRP dipped below $3 despite recent bullish headlines, and Solana (SOL) retreated to $170. BNB also cooled off to $780 after peaking above $855 last week.

According to Coinglass, the largest single liquidation was a $13.7 million ETH long on Binance.

Liquidations occur when leveraged traders are forced to close positions as their collateral falls below maintenance thresholds, often fueling additional volatility. Such spikes in long-side liquidations suggest a crowded trade and can act as a reset for overextended markets.

Speculative altcoins took the steepest hits. Solana-based tokens like Fartcoin (FART), Pump.fun (PUMP), and Jupiter (JUP) saw sharp intraday losses, with FART dropping 14% to retest its 100-day EMA, JUP losing 200-day EMA support, and PUMP continuing to trend lower in a descending channel.

“These assets reflect short-term sentiment cycles rather than broader market trends,” said Ryan Lee, Chief Analyst at Bitget. “The pullback appears driven by profit-taking, not a structural shift.”

Lee added that Bitcoin’s continued stability—underpinned by steady ETF inflows and a supportive macro backdrop—suggests the correction is likely localized rather than systemic.

As long as BTC remains above the key $115,000 level, the market’s broader uptrend remains intact.