March 13 Commute Podcast—24-Hour Liquidations Surpass $100 Million, Bitcoin and Ethereum Lead Sharp Decline

The most significant event in the market today was the forced liquidation of approximately $109.79 million in leveraged positions within 24 hours. This event was triggered by the collapse of excessive long bets on Bitcoin and Ethereum, which together accounted for about 89% of all liquidations. As a result, the market has entered a full risk management mode.

Affected by the liquidation wave of Bitcoin and Ethereum, the prices of these two cryptocurrencies dropped by -0.20%. Leading altcoins also showed synchronized weakness, with downward trends such as Solana (-0.41%), Ripple (-0.70%), and others. Only Dogecoin rose by +0.63%, showing a slight rebound.

Overall trading volume slightly decreased compared to the previous day, with derivatives market trading volume down by -6.34%. Meanwhile, the DeFi and stablecoin markets also declined, failing to find significant momentum.

On the other hand, the U.S. Senate passed a new bill banning the issuance of CBDCs. At the same time, FalconX experienced a large-scale transfer of Ethereum, intensifying market tension. Additionally, large capital inflows into Bitcoin, Ethereum, and Solana ETFs indicate ongoing institutional investor interest.

Today’s events have highlighted the risks associated with market leverage and the over-concentration of investments in Bitcoin and Ethereum.