Bitcoin Falls Below $70,000, Over $1B in Crypto Positions Liquidated in 12 Hours

The scale of the liquidation is the story here: a twelve-hour window producing over $1 billion in forced closures points to crowded leveraged positioning rather than a slow repricing. That concentration matters most to leveraged traders, whose exits can amplify moves beyond what spot demand alone would justify. With bitcoin having held above $70,000 beforehand, whether this deleveraging exhausts itself or draws in further forced selling is the open question worth watching.