$1B in BTC, ETH, SOL & Top Altcoins Liquidated in Crypto Market Crash

Since October, a total of $1.35 trillion in market cap has been lost due to today's crypto market crisis. A total of $1b was spent on the liquidation of popular altcoins, including BTC, ETH, XRP, and SOL.

With $1.35 trillion in market capitalization lost since October, the cryptocurrency market meltdown shows no signs of abating. Bitcoin, Ethereum, Solana, XRP, and other popular cryptocurrencies were liquidated for an additional $1 billion in the last day. Ethereum falls 9% to values below $2,800, while Bitcoin plummets 8% to $85K. Will Friday's crypto options expiration lead to additional liquidations in the market?

Crypto Market Collapse Due to Liquidations of BTC, ETH, SOL, & XRP

According to Coinglass data, the crypto market experienced another $1 billion in liquidations across popular altcoins, including Solana (SOL), Ethereum (ETH), XRP, and Bitcoin (BTC). The largest single BTCUSDT liquidation order, worth $30.91 million, occurred on HTX, resulting in the crypto market of over 252,000 traders.

Over the past day, investors have liquidated $500 million worth of Bitcoin holdings, causing the price to plummet to $85K. Notably, the price fell to a 24-hour low of $85,300 as more than $460 million in long positions were liquidated.

Almost $850 million long and $150 million short contracts were liquidated in the past day. Notably, markets reduced their bets on a December rate drop by the Fed, and $450 million in crypto market liquidations occurred within two hours of the positive US jobs report.

Among the most liquidated cryptocurrency assets in today's market meltdown are BTC, ETH, SOL, XRP, ZEC, HYPE, DOGE, TON, ASTER, and BNB. The price of XRP fell more than 7% to $1.96, while the price of SOL fell 8% to an intraday low of $130.52.

More Selloffs as Ethereum and Bitcoin Options Expire

Today's $4.2 billion crypto options expiration is likely to push the market's decline. Today, over 39K Bitcoin options with a notional value of $3.4 billion will expire on Deribit. The maximum pain price is $98K, and the put-call ratio is 0.52.

Nonetheless, with a put/call ratio of 1.36, put trading has significantly outpaced call volume during the past day. This indicates that traders are hedging to counteract potential losses. Despite Deribit's assertion that positioning does not indicate a significant risk-off move, traders remain wary following this week's severe market meltdown.

At the same time, more than 185K Ethereum options with a put-call ratio of 0.72 and a notional value of about $525 million are scheduled to expire today. In the past day, the put volume has doubled, suggesting that traders are becoming more pessimistic. The bearish mood is confirmed by the put-call ratio of 1.01.

Furthermore, the maximum pain point is $3,200, which is significantly higher than the current price of ETH ($2,800). “Traders are keeping exposure open into expiry, which suggests confidence has not fully faded despite the recent volatility,” Deribit said, citing the ETH options data, which demonstrates consistent call demand from the mid-range upward.

“The real story is unfolding through ETF positioning, failed crypto IPOs, and a subtle shift in Wall Street incentives,” according to 10x Research, even though most investors are still focused on price charts. The company stated that because ETF investors are being compelled to unwind their positions, it is still too early to buy the dip.