About $115 million was reportedly liquidated from the crypto market in the past 60 minutes, according to unconfirmed reports from Telegram, in a rapid volatility event that hit leveraged traders as Bitcoin traded near the $71,000 area.
What Happened in the Crypto Market Over the Last 60 Minutes
A KuCoin flash update published with the release time 03/04/2026 15:46:16 reported $113 million in global crypto liquidations in one hour, which gives the Telegram alert a nearby reference point even though the exact claim remains unconfirmed.
In the research brief, live CoinGlass liquidation data at 08:07:27 UTC on April 12, 2026 showed only $1.34 million in all-exchange liquidations over the trailing hour, so the live read did not reproduce the earlier Telegram figure.
The same brief put the broader washout at $158.29 million over 12 hours and $316.85 million over 24 hours, while CoinGlass futures statistics counted 119,222 liquidated positions across the day, which points to a market-wide deleveraging cycle rather than a single isolated wick.
Why the Liquidation Spike Matters for Bitcoin and Altcoins
Bitcoin was at $71,678 in the research brief, with a -1.48% 24-hour change, a $1.44 trillion market cap, and $27.37 billion in 24-hour volume, giving the liquidation story immediate spot-market context.
The risk backdrop was also weak: the Fear & Greed Index stood at 16, or Extreme Fear, and that sentiment reading helps explain why pressure spread across Bitcoin and altcoins instead of staying confined to one major pair.
The gap between $1.34 million in live 1-hour liquidations and $316.85 million across 24 hours suggests the sharpest forced selling had already passed by verification time, but it also shows the market was still digesting a much larger leverage reset. That setup fits the risk-off tone described in Analysts Warn Weak Q1 Could Squeeze Crypto Market Profits, where softer performance was linked to tighter trading conditions.
What Traders Will Watch After the Liquidation Event
With $27.37 billion in Bitcoin volume still moving through the market and the sentiment gauge holding at 16, traders will be watching for either follow-through selling or stabilization over the next few hours rather than assume the flush is over.
No direct regulatory trigger was identified in the brief, which keeps this move in the realm of derivatives positioning more than policy shock. That distinction matters as oversight discussions continue in CFTC Innovation Task Force Puts Crypto at the Center: Report, while altcoin participation remains part of the broader market story even after Ethereum New Users Surge 82% QoQ to 284,000 in Q1: Artemis.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.