Bitcoin’s pullback at the start of the week triggered the biggest single liquidation in the past 24 hours, as prices reversed weekend gains and market sentiment sank deeper into fear.

A $61.5 million leveraged long position was forcibly closed on HTX, making it the largest individual wipeout over the period, according to figures from CoinGlass. The liquidation unfolded as BTC dropped from Saturday’s high near $68,600 to roughly $64,400, swiftly erasing the prior rally. CoinDesk has sought comment from HTX.

Given the size of the trade, the position likely belonged to a whale or institutional participant rather than a retail trader. In total, $467.64 million in crypto positions were liquidated across 137,422 traders over 24 hours. Long bets represented $434 million of that figure — about 93% — highlighting how aggressively the market was positioned for upside before liquidity thinned and prices turned lower.

Bitcoin futures accounted for $213.62 million in forced closures, while ether (ETH) saw $113.89 million liquidated and solana (SOL) recorded $19.89 million. Hyperliquid’s HYPE token contributed $10.72 million, a notable sum for an asset that rarely features among the top contracts by liquidation volume.

Sentiment hits extreme fear

The downturn pushed Alternative.me’s Crypto Fear and Greed Index down to 5 out of 100, a level classified as “extreme fear.” Since its launch in 2018, the index has only reached that reading in August 2019, June 2022, and earlier this month when bitcoin briefly slid toward $60,000.

On-chain data from Glassnode indicates that stress remains elevated. The firm reported that the seven-day moving average of net realized losses among short-term bitcoin holders is still running close to $500 million per day, suggesting continued capitulation even after February’s earlier flush.

“While the intensity has cooled, the broader regime still signals a market under pressure,” Glassnode noted, adding that participants appear to be exiting positions during what may be a prolonged base-building phase.

Bitcoin now trades approximately 48% below its October all-time high of $126,000 and about 5.5% under its 2021 peak near $69,000. Although the latest decline has purged significant leverage from the system, the broader dynamic remains intact: traders continue attempting to buy dips, only to be met with renewed downside when momentum fades.