Over $200m liquidated in an hour as BTC drops below $100k

The cryptocurrency market saw a sharp surge in liquidations after Bitcoin’s price unexpectedly fell below $100,000 on Jan. 7 during early U.S. trading hours.

According to Coinglass data, approximately $206 million in crypto positions were liquidated within an hour, following a sudden price drop across the market. Bitcoin (BTC) dropped to to a low of $97,207, with the 4% decline dragging the global crypto market cap down 4.5% to $3.44 trillion.

The sell-off in Bitcoin promptedweakness across the altcoin universe. Notably, Ethereum (ETH), XRP (XRP) and Solana (SOL) all down more than 5% in 24 hours at the time of writing. As Bitcoin traded around $97,664, Ethereum hovered near $3,475 and XRP at $2.32. Solana was down 6% to $208.

Total liquidations in the last 24 hours reached $388 million, with over $206 million of that wiped out in a single hour. The bulk of these liquidations involved both long and short positions across major exchanges.

While these figures are considerably lower than the single largest 24-hour or hourly liquidations seen this past month, it’s still notable so far in 2025. Over the past 24 hours, more than 129,900 traders have been liquidated. The largest single liquidation order was an ETHUSDT position on Binance, valued at more than $11.9 million.

Bitcoin’s sudden dip, which triggered a broader market sell-off, came in response to the latest U.S. macroeconomic data. Crypto analyst Miles Deutscher summed up the sentiment in a post on X:

“TLDR on why the market is dipping: US data came in hot, causing a bond yield spike. ISM index higher than expected, JOLTS job openings increased. We’re in the “good data is bad data” phase of the market for risk assets ahead of FOMC in 2 weeks.”