Bitcoin Flash Crash Wipes Out $1.8 Billion in Leveraged Bets

Bitcoin suffered a sharp weekend reversal after surging near the eighty-thousand-dollar threshold, triggering a massive wave of liquidations across global derivatives markets. The cryptocurrency climbed to approximately seventy-nine thousand five hundred dollars on Saturday before dropping rapidly to settle near seventy-seven thousand dollars, representing a three percent retreat that dismantled highly leveraged positions. Derivatives tracking data from CoinGlass recorded hundreds of millions of dollars in forced liquidations within a single hour, pushing total twenty-four-hour liquidations to roughly one point eight billion dollars across more than two hundred eighty-six thousand accounts. The initial upward surge was catalyzed by U.S. Treasury Secretary Scott Bessent announcing plans to double long-dated government debt buybacks, injecting a risk-on signal that drove a broader market rally. However, relief faded as long-term yields rebounded, highlighting the extreme volatility risks posed by heavy leverage in digital asset trading.