Long Position Holders Get Rekt: $1B in Crypto Gets Liquidated Before PCE Data Drops 🎢

Crypto markets saw more than $1 billion in liquidations over 24 hours, with 176,530 traders affected, according to CoinGlass data. Long positions accounted for the bulk of the damage at $780.05 million, while short liquidations totaled $220.54 million.

Bitcoin led the liquidation cascade with $415.83 million wiped out, followed by Ethereum at $230.31 million and XRP at $14.22 million. As of writing, $BTC was trading at $61,691, down 1.57% over 24 hours, while $ETH fell 1.14% to $1,651.

Sentiment was further pressured by an upcoming $10 billion Bitcoin options expiry, weak institutional demand, and caution ahead of U.S. PCE inflation data. Traders are watching the PCE print for signals on whether the Federal Reserve could shift dovish or maintain its hawkish stance.

Analysts cited the 59,000 level as a key support zone for Bitcoin to attempt a recovery. The PCE inflation data release remains the next major catalyst for market direction.