Bitcoin Dips to $92,000 as $785M in Long Bets Collapse

Bitcoin opened the week under pressure, retreating as a wave of liquidations abruptly halted a rally driven largely by derivatives activity.

The pullback was compounded by fresh macro headwinds following U.S. President Trump’s announcement of new tariffs on eight European countries.

Under the proposal, a 10% tariff would take effect on February 1, 2026, increasing to 25% by June 1. The White House stated that the measures would remain in place until the United States secures an agreement to purchase Greenland.

Key Points

• Bitcoin fell about 3% to roughly $92,500 today.
• Crypto liquidations totaled $867 million over the past 24 hours, including $785 million in long positions.
• Around 243,000 traders were liquidated globally during the same period.
• The largest single liquidation reached $25.83 million on the Hyperliquid BTC-USDT pair.
• Solana dropped 6.5%, SUI slid 12%, and ZCash declined 7% during Asian hours.
• Gold gained 1.7% to $4,600 after the U.S. announced a 10% tariff on imports from Denmark and seven other European countries.

Bitcoin Retreats as Leverage-Driven Rally Unwinds

Data from CoinGlass showed that losses were heavily concentrated in long positions, which highlighted how crowded bullish trades had become ahead of the reversal. Consequently, as prices slipped, liquidation-driven selling intensified, accelerating the downside move.

Selling pressure was not confined to Bitcoin. Solana fell 6.5%, while SUI posted a sharper 12% decline. ZCash also weakened, sliding 7%.

The synchronized declines reflected a market increasingly sensitive to Bitcoin’s direction, with altcoins amplifying the move as overall sentiment deteriorated.

Thin Liquidity Exposes Structural Fragility

In its weekly report, Glassnode noted that Bitcoin’s recent climb toward $96,000 relied heavily on derivatives flows, whereas sustained spot accumulation remained limited. Moreover, the firm warned that futures liquidity remains thin, leaving the market vulnerable to abrupt reversals.

Once leverage-driven demand fades, prices can quickly lose direction, Glassnode said. Adding to this pressure is a supply zone formed by long-term holders who accumulated near prior cycle highs. That area has repeatedly capped recent rebound attempts.

Market Direction Still Under Question

Against this backdrop, CryptoQuant struck a cautious tone. It characterizes the advance since late November as corrective rather than the start of a confirmed trend reversal. 

Bitcoin remains below its 365-day moving average near $101,000, a level that has historically separated bullish and bearish market regimes. As long as prices remain under that threshold, uncertainty is likely to persist.

Spot demand continues to contract despite modest improvement, while U.S. spot Bitcoin ETF inflows remain subdued, according to the firm.

Early Stabilization Signals, Limited Follow-Through

Nevertheless, some tentative signs of stabilization have emerged. Glassnode reported that long-term holder distribution has slowed compared with late 2025, suggesting reduced selling pressure from older cohorts.

Spot flows on Binance-linked venues indicate stronger buying interest, while sell-side activity on Coinbase has eased. However, these developments have yet to translate into sustained upward momentum.

Options markets echo the cautious mood. Glassnode noted that implied volatility remains low. However, longer-dated contracts continue to price in downside protection, thereby signaling lingering risk aversion.

Sensitivity to Leverage Remains the Key Risk

Taken together, analysts see a market still dominated by leverage dynamics. Both Glassnode and CryptoQuant warned that shifts in liquidity remain the key driver of price action. Without a meaningful return of spot demand, volatility risks are likely to stay elevated.

Until that demand materializes, Bitcoin is expected to remain reactive, with price movements driven more by positioning than fundamentals.