Bitcoin fell to nearly $75,000 over the past day amid a broad sell-off across financial markets, after losing support around $80,000. Over the same 24-hour period, crypto futures liquidations reached $1.25 billion as traders betting on further gains suffered the largest losses.

Bitcoin was trading at $75,319 at the time of writing, according to TradingView data for the Binance BTC/USDT pair.

Long traders account for most liquidations

According to CoinGlass, 240,236 traders had their positions forcibly closed over the past day. Long-position holders lost $1.11 billion, while short liquidations totaled $142.67 million. Longs accounted for 88.6% of all liquidations.

Bitcoin traders recorded the largest losses among individual crypto assets, with $329.75 million in liquidations. Long positions made up 90.4% of that amount.

Ethereum liquidations totaled $210.52 million, with longs accounting for 85.1%. Other crypto assets generated another $184.47 million in liquidations, 86.8% of which came from long positions, according to the CoinGlass futures liquidation data.

The largest single liquidation during the 24-hour period occurred on Binance in the ETHUSDT trading pair. The forcibly closed long position was valued at $10.94 million.

Traditional markets and sentiment weaken

Analysts also drew attention to traditional markets, where members of the crypto community said the Nasdaq and S&P 500 indices had declined sharply. Against that backdrop, mass liquidations of leveraged positions increased pressure on crypto assets.

The crypto market Fear and Greed Index stood at 31, placing it in the fear zone. The index was at 32 a day earlier and 36 a week earlier, indicating a further deterioration in market sentiment.

Bitcoin had traded above $81,000 the day before the broader sell-off. According to an estimate from AlphaIncHQ, the asset fell 5.3% on Thursday to about $76,180 and reached an intraday low of $75,568.

Source: Incrypted