Bitcoin declined roughly 3% on August 22, dropping from a recent peak near $79,500 to around $77,000. This move triggered a cascade of forced liquidations totaling approximately $547 million in leveraged positions, with the vast majority hitting traders who had bet on further upside. The pullback came after an aggressive rally from lows around $64,000, which had already wiped out between $1 billion and $3.5 billion in short positions across multiple trading sessions. On Hyperliquid, one of the leading decentralized perpetual exchanges, individual liquidation events ranged from $23 million to $48 million.
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