The cryptocurrency market experienced a significant liquidation event with $98.29 million in total liquidations recorded in a 24-hour period ending March 29, according to CoinGlass data aggregated by ChainCatcher. Long positions accounted for $65.26 million of that total, representing 66.4% of all liquidated value, while short positions made up the remaining $33.04 million. This represents a moderate flush compared to historical events that have exceeded $200-500 million in single-day liquidations, but the 66.4% long-side liquidation ratio signals heavy bullish positioning ahead of the decline. The broader market context shows total market capitalization fell 0.96% to $2.37 trillion, with Bitcoin dominance holding at 56.06% during the liquidation period.
CORE, a Bitcoin-aligned Layer-2 asset, experienced a brutal 48% price drop in a single day, according to reports from crypto.news. The token's collapse was so severe that its $96 million in daily trading volume briefly exceeded its entire market capitalization. This violent unwind has pushed CORE down toward the #562 spot in global rankings, representing a steep decline from its previous position among mid-cap peers. The crash fits into a broader pattern seen across high-beta infrastructure and DeFi tokens this cycle, with traders now monitoring on-chain data for signs of whale accumulation versus continued exchange inflows. The same leverage and concentration that previously fueled triple-digit weekly gains now appears to be driving the current selloff.
The trading activity generated a volume-to-market-cap ratio of approximately 1.257x, as reported by crypto.news. This ratio indicates heavy institutional selling or leveraged liquidations, with order books effectively spinning into a wash-cycle of forced selling and opportunistic dip-buying. The same leverage and concentration that previously fueled triple-digit weekly gains now appears to be driving the current selloff. The broader market context shows total market capitalization fell 0.96% to $2.37 trillion, with Bitcoin dominance holding at 56.06% during the liquidation period.
CORE is marketed as a Bitcoin Layer-2 or Bitcoin-aligned chain, aiming to bring smart-contract functionality and DeFi applications closer to Bitcoin while utilizing its security and brand. According to crypto.news, this positions it in the same category as stack-style or EVM-compatible BTC L2 designs, competing with both other Bitcoin ecosystems and established smart-contract platforms. Recent coverage had highlighted CORE's earlier rallies with price gains above 200% coinciding with volume spikes above $400 million. The current market environment shows Bitcoin trading at $66,466, down 0.72% over 24 hours, while Ethereum fell more sharply, declining 1.65% to $1,991.
The liquidation wave reflects broader market pressure with the Fear & Greed Index dropping to a score of 9, registering 'Extreme Fear' - among the lowest possible scores on the 0-100 scale. This sentiment reading, combined with the 60,849 individual accounts liquidated and $65.26 million in long positions wiped out, indicates pervasive bearish sentiment across market participants. For Bitcoin, the $66,000 level now serves as a near-term support zone, while Ethereum faces a critical test at the $2,000 psychological level. The question remains whether this $98.29 million flush was sufficient to clear out crowded long positioning, with post-event metrics showing whether open interest has declined meaningfully and funding rates have turned negative.
