Crypto markets have experienced a sharp correction, with total liquidations surging across major derivatives venues amid rapid deleveraging. Bitcoin has fallen toward the $84,000–85,000 level, erasing roughly $120 billion in market cap since Sunday night, while Ethereum has dropped below $2,800 and Solana under $125. The move appears primarily leverage-driven, with no clear single headline catalyst identified so far. Derivatives data show that in the past 24 hours roughly $966 million of positions have been liquidated across crypto markets. Liquidations were dominated by longs at around $875 million versus about $91 million in shorts, impacting more than 267,000 traders during the latest bout of volatility. [Update 1] Updated total liquidation figures and breakdown: refined the range of $800–930M to a more precise ~$966M, noted the long/short split (~$875M vs ~$91M) and added the approximate number of affected traders (over 267,000).