$61M Bitcoin Whale Gets Liquidated as Fear Index Hits Rock Bottom

$61.5 million. That's how much one bitcoin whale lost in a single trade on Monday, marking the largest individual liquidation in 24 hours as the crypto market turned brutal.

Bitcoin plummeted from Saturday's $68,600 high to $64,300 by Monday, wiping out weekend gains in mere hours. The carnage swept through 137,422 traders, forcing $467.64 million in total liquidations across the crypto ecosystem.

The Long Squeeze

Here's the kicker: 93% of liquidations came from long positions, totaling $434 million. Translation? The market was still betting on bitcoin going up when the rug got pulled. When buy orders vanished, leveraged bulls got massacred.

Bitcoin futures alone saw $213.62 million in forced closures. Ethereum added $113.89 million, Solana contributed $19.89 million, and even Hyperliquid's HYPE token managed $10.72 million – unusual for an asset outside the usual liquidation leaderboard.

The HTX exchange, where the mega-whale got wiped out, hasn't responded to requests for comment. But the size suggests this wasn't some retail trader's margin call – this was institutional money getting caught wrong-footed.

Extreme Fear Returns

The selloff dragged the Crypto Fear and Greed Index back to 5 out of 100 – "extreme fear" territory that's only been hit three times since 2018: August 2019, June 2022, and earlier this February when bitcoin touched $60,000.

Glassnode data paints an even grimmer picture. Short-term bitcoin holders are still realizing net losses of about $500 million per day on a seven-day average. That's sustained capitulation, not just a one-off panic.

"While the intensity has cooled, the broader regime still signals a market under pressure," Glassnode noted, "with participants in the base formation phase continuing to capitulate."

The Leverage Trap

Bitcoin now sits 48% below its October all-time high of $126,000 and 5.5% below its 2021 peak of $69,000. What once felt like an insurmountable ceiling now looks like a floor that keeps getting tested – and broken.

The pattern is becoming predictable: traders reload leveraged longs into every bounce, and the market keeps punishing them for it. Monday's liquidation cleared some leverage, but the cycle remains intact.

Winners and Losers

While leveraged traders got crushed, someone was on the other side of these trades. Market makers and contrarian funds likely scooped up bitcoin at discounted prices. The question is whether this was just another flush or the start of something deeper.

Short-term holders – those who bought bitcoin in recent months – continue to capitulate. But long-term holders, those diamond hands who've held through multiple cycles, remain largely unfazed.