Bitcoin Selloff Triggers $1.70B in Liquidations

The crypto market opened the week on shaky ground, with Bitcoin sliding to $112,200

Notably, the coin traded at $115,900 over the last 24 hours. The sharp decline triggered a chain reaction of liquidations, erasing more than $1.70 billion in leveraged positions within 24 hours. Most of these losses came from long positions, with over 95% of liquidated trades reflecting overly bullish bets.

Bitcoin and Altcoins Face Selling Pressure

At the time of writing, Bitcoin was trading at $112,908, down 2.78% in the past day. The downturn wasn’t limited to Bitcoin alone. Major altcoins, including Ethereum (ETH), XRP, and Solana (SOL), also lost ground. Smaller meme tokens, often driven by speculative retail interest, saw even sharper declines.

On Monday, Tokyo-listed investment firm Metaplanet announced the purchase of 5,419 BTC worth approximately $632 million. This acquisition lifted the firm’s total holdings to 25,555 BTC, worth nearly $2.91 billion. The firm’s average acquisition cost stands at $106,065 per coin.

The purchase was funded through a $1.45 billion international share offering. Metaplanet’s growing reserves have also reshaped the global leaderboard of corporate Bitcoin holders.

With its latest acquisition, Metaplanet climbed into the top five publicly listed companies holding Bitcoin, surpassing Peter Thiel-backed Bullish. It now trails only MicroStrategy, Marathon Digital, XXI, and Bitcoin Standard Treasury Company, according to Bitcoin Treasuries data.

Beyond rankings, the move brings Metaplanet closer to its ambitious acquisition targets. The firm has already achieved 85.2% of its 2025 goal of 30,000 BTC and stands at 25% of its 2026 target of 100,000 BTC.

Key Levels in Focus for Bitcoin

If Bitcoin can remain above this threshold, momentum could strengthen, potentially sparking a rally toward $137,300.

However, the risk remains that Bitcoin may fail to hold this crucial support. Should that happen, Martinez warns the price could slide further, with $93,600 emerging as the next major downside target.