A sharp rise in international oil prices has stoked inflation concerns across global financial markets, spreading selling pressure to the virtual asset market as well. Bitcoin (BTC) was pushed below $84,000, while major altcoins including Ethereum (ETH) also fell in tandem. Notably, market volatility expanded as positions held by investors betting on price increases using leverage were liquidated en masse.

■ $547 Million Liquidated in 24 Hours... Long Positions Hit Hardest

The total value of forced liquidations in the virtual asset derivatives market over the past 24 hours reached approximately $547 million. A significant portion of this came from long positions that had anticipated price increases.

By asset, Ethereum-related liquidations were tallied at around $174 million, while Bitcoin liquidations amounted to approximately $136.17 million. Notably, Bitcoin's liquidation volume rose about 82% compared with the previous 24-hour period.

However, the total liquidation figures varied by data provider due to differences in tallying periods and the range of exchanges included. Some estimates ranged from about $550 million to as high as $970 million. These figures should therefore not be considered results calculated on an identical basis.

■ Altcoins Fall More Sharply... Market Index Down 4%

A notable point in this downturn is that altcoins fell relatively more sharply than Bitcoin. Bitcoin retreated from the mid-$85,000 range to the low $83,000 range. Meanwhile, a market index covering major virtual assets showed a decline of about 4%.

Although a broad flight from risk assets was seen across the market, selling pressure was concentrated in altcoins, which tend to be relatively more volatile.

■ International Oil Prices the Trigger... Inflation Fears Weigh on Risk Asset Sentiment

The main external variable shaking the virtual asset market was identified as rising international oil prices. Higher crude oil prices are not merely an energy market issue. If oil prices remain elevated, they can add pressure to consumer prices through higher transportation and production costs. This could slow the pace of easing U.S. inflation and influence the Federal Reserve's monetary policy operations.

Analysts say these concerns have translated into rising U.S. Treasury yields and a stronger dollar, dampening investment sentiment toward risk assets broadly, including stocks and virtual assets. In particular, because the virtual asset market carries a high proportion of leveraged trading, macroeconomic shocks can be amplified into price swings.

■ A Vicious Cycle of Chain Liquidations... Failed Breakout Above $87,000 Resistance the Starting Point

After Bitcoin failed to break through resistance near $87,000 and subsequently fell below $84,000, forced liquidations began among some long positions. These liquidated positions may in turn have acted as cascading selling pressure, pulling prices down further and triggering additional liquidations.

[This article was written based on provided market analysis materials, and liquidation volumes, prices, and open interest figures may vary depending on the tally timing and exchange-specific criteria of the source data. Virtual assets are high-risk investment products with significant price volatility, and market outlooks may not match actual price movements. This article is intended to provide information, not investment advice, and investment decisions and responsibility rest with the investor. This article was written with the assistance of AI.]