Crypto News Today: Bitcoin, Ether, Solana Traders Liquidated for Over $1.3 B as BTC Falls Below $104K

Key Takeaways:Bitcoin (BTC) dropped below $104,000, triggering over $1.3 billion in leveraged futures liquidations.Long traders accounted for nearly 90% of total losses, wiping out $1.17 billion in bullish bets.Ethereum (ETH) fell to around $3,650, and Solana (SOL) dropped near $157, with combined altcoin liquidations exceeding $300 million.Bitcoin’s Breakdown Triggers Massive Liquidation WaveBitcoin’s sharp decline below the $104,000 level unleashed a cascade of forced liquidations as leveraged futures traders were caught off-guard.Data shows over $1.3 billion in total liquidations within 24 hours — one of the largest in recent weeks — with long traders absorbing most of the pain.The sell-off followed a failed attempt to reclaim the $113,000 resistance zone over the weekend, setting the stage for aggressive unwinding once downside momentum accelerated.Ethereum and Solana Extend LossesAltcoins mirrored Bitcoin’s weakness:Ethereum (ETH) slid more than 6%, trading around $3,650.Solana (SOL) plunged 8% to about $157, marking one of its weakest sessions since August.Together, the two accounted for over $300 million in liquidations as speculative sentiment evaporated.The broader crypto market capitalization dropped roughly 4%, retreating to around $3.6 trillion.Market Mechanics and OutlookLiquidations occur when traders using margin are forced to close positions as collateral values fall below maintenance levels.Large waves of long liquidations often mark points of capitulation — temporary bottoms where leverage is flushed from the system — though continued selling could still lead to deeper drawdowns.Despite the reset, open interest remains high at nearly $30 billion, suggesting leverage hasn’t fully cleared.With the Federal Reserve’s rate decision approaching later this week, traders remain cautious amid persistent macro uncertainty.Bottom LineBitcoin’s slide below $104K has reignited volatility across crypto markets, wiping out over $1.3 billion in bullish positions.While leverage resets may pave the way for eventual stabilization, the short-term outlook remains fragile as markets brace for further macro-driven moves.