Bitcoin Bleeds as $360M Liquidated in 24 Hours

$360 million vanished in 24 hours. That's the brutal reality facing crypto traders as Bitcoin extends its losing streak to four consecutive days, plummeting to $63,100 – its lowest level since February 6.

The $60,000 Death Zone

Bitcoin isn't just falling; it's hemorrhaging. Down 4.7% in the past 24 hours, the world's largest cryptocurrency is teetering dangerously close to a critical support level that could determine its fate for months to come.

Analysts are laser-focused on $60,000. This isn't just another round number – it's a psychological and technical fortress that has held firm multiple times. But if it crumbles, the next stop could be $52,500, a historical support level dating back to 2021. That would represent another 17% drop from current levels.

The carnage isn't limited to Bitcoin. Bitcoin Cash has been absolutely demolished, losing 11.5% of its value. Layer-1 tokens like Aptos, Cosmos, and SUI are all bleeding 5-8% as liquidity evaporates and selling pressure intensifies.

Fear Takes the Wheel

The derivatives market tells a chilling story. Notional open interest in crypto futures has crashed by more than 4% to $92.5 billion – the lowest since early April 2025. This massive capital flight signals that investors are abandoning leveraged bets en masse.

Of the $360 million in liquidations, over 90% were long positions on major exchanges including Hyperliquid, HTX, and BitMEX. Bulls who bet on higher prices got absolutely crushed. Meanwhile, short interest is surging. Bitcoin futures open interest has spiked to 690.89K BTC, the highest since February 6.

Funding rates across major perpetual contracts remain deeply negative, with TRON hitting -35% – a sign that shorts are becoming dangerously overcrowded.

The Great Stablecoin Migration

Here's where it gets interesting. While token prices are cratering, DeFi total value locked (TVL) isn't falling as dramatically. This suggests a massive rotation into stablecoins as traders seek shelter from the storm.

CoinDesk's DeFi Select Index has become the poster child for this pain, dropping 34.8% since the year began – making it the worst-performing benchmark. Yet the underlying infrastructure remains surprisingly resilient.

The only bright spot? An AI-related token called Pippin somehow doubled this year and gained 7.7% in the past 24 hours. In a sea of red, it's a lonely green island.

Technical Signals Flash Warning

Volatility indices for both Bitcoin and Ethereum have surged to two-week highs, indicating renewed market jitters. On Deribit, put options are trading at over 10 volatility points premium to calls through March expiry – a clear sign that traders are positioning for extended downside.

Yet there's a glimmer of hope. The average crypto RSI is flashing "oversold" signals, suggesting potential for a bounce in the low $60,000s. But in this environment, even technical indicators feel more like false hope than reliable guidance.