Bitcoin falls below $70,000 as $798M is liquidated in four hours

Bitcoin dropped below $70,000 on Friday and briefly traded under $69,000, its lowest since August, while ether fell below $2,000. The move triggered $798M in liquidations in four hours, 90% of them long positions.

What happened

BTC trades at $69,029, down 6.1% in the last 24 hours and 8.7% over seven days. The price sits 45.2% below the all-time high of $126,080.

24h trading volume reached $41.2B and Bitcoin's market cap fell to $1.39T.

The $70,000 level had held since August. The 6.1% one-day drop accounts for most of the 8.7% seven-day loss.

Who got liquidated

Coinglass data shows about $798M in leveraged positions were liquidated in four hours during the drop below $70,000.

• Long positions: $718.5M, or 90% of the total
• Short positions: roughly $79.5M, or 10% of the total
• Window: four hours, covering the break below $70,000 and then $69,000

The roughly 9-to-1 ratio of long to short liquidations shows most leveraged positions were set for upside before the drop.

Ether below $2,000

ETH fell 5.2% in 24 hours to $1,937.94, but its seven-day loss is deeper than bitcoin's: 12.8% against 8.7%. The price is 60.8% below the all-time high of $4,946.05.

ETH 24h trading volume stands at $14.8B on a market cap of $236.8B. That is a volume-to-market-cap ratio of 6.3%, against 3.0% for BTC ($41.2B on $1.39T).

What it means for you

If you hold BTC, the $69,000 level has already been tested briefly, and $70,000 sits 1.4% above the current price. For ETH, getting back above $2,000 requires a 3.2% gain.

If you run leveraged longs, 90% of the $798M liquidated in the four-hour window was on the long side: $718.5M against $79.5M in shorts.