Bitcoin tumbles to $87.9K as $60M+ leveraged longs liquidate amid macro risk

Bitcoin plunged below $88,000 to about $87,880 after rejection near $89,000, triggering a rapid wave of leveraged long liquidations that wiped out more than $60 million within roughly 30 minutes and roughly $250 million over 24 hours. The sell‑off spiked short‑term volatility and forced deleveraging across futures and spot markets; CoinGlass and exchange reports listed large individual liquidations (the largest cited at about $6.3M). Major altcoins fell in tandem — Ethereum, Solana, XRP and BNB among the worst performers — with ETH slipping beneath $2,900 and other large caps down 2–4% in the sharpest hour. Analysts pointed to worsening macro risk as a likely catalyst, including an expected U.S. government shutdown and tariff threats on Canada, increasing risk‑off sentiment. Traders should note the high concentration of leveraged long exposure, the speed of the move that amplified cross‑market liquidations, and heightened short‑term volatility ahead of futures open — all factors that can produce cascades of forced selling and present both liquidation risk and shorting opportunities.