BTC drops 0.66% in 15 minutes: US stock market decline and leveraged long liquidations trigger short-term selling pressure

On March 8, 2026, from 21:00 to 21:15 (UTC), Bitcoin’s 15-minute return was -0.66%, with the price range between 66,716.3 and 67,265.8 USDT, and an amplitude of 0.82%. During this period, market volatility significantly increased, attention surged, trading activity was still at a historical low, but the Fear and Greed Index dropped to 18, indicating extreme market panic.

The main driver of this sudden movement was a sharp decline in global risk appetite. After-hours declines in the US tech sector caused a high correlation with Bitcoin, which was affected and weakened simultaneously. Additionally, after breaking below the key technical support level of $67,063, derivatives markets saw passive liquidations of long leverage positions. Within 24 hours, total liquidations across the network surged by 46.85% to $58.96 million, while open interest in perpetual contracts decreased by 6.6%, with selling pressure concentrated and accelerating the short-term decline.

Meanwhile, multiple secondary factors amplified the volatility. First, macroeconomic uncertainties, such as Federal Reserve policy ambiguity and geopolitical tensions, increased the appeal of traditional safe-haven assets, causing Bitcoin to temporarily lose its “digital gold” status as a risk asset. Second, ETF fund inflows remained weak, with some institutional investors on the sidelines; market liquidity marginally improved but did not strengthen significantly. On-chain data shows whale wallets net bought about 270,000 BTC in the past 30 days, while exchange balances dropped to 2.31 million coins, forming a pattern of “institutional accumulation versus retail panic selling.” Technically, RSI dropped to 27.48, indicating extreme oversold conditions, and quantitative trading intensified the volatility, with a four-year cycle bear market reinforcing downward expectations.

Short-term risks remain high. Bitcoin needs to hold above $67,063; a break below could test support at $65,414. Key factors to watch include US stock market volatility, derivatives liquidation changes, and on-chain fund movements to cold wallets. The current panic sentiment has not subsided; some funds are shifting to stablecoins for safety. It is recommended to closely monitor macro events and large on-chain movements, and stay updated with breaking news to grasp market dynamics.