Bitcoin saw a dramatic 5% drop late Sunday evening, plunging below the $87,000 mark and setting off a cascade of liquidations.

Data from CoinGlass shows that $470 million was liquidated across crypto exchanges over a four-hour period as of 10 pm ET, with levered long positions accounting for $470 million in liquidations.

This story is an excerpt from the Unchained Daily newsletter.

The single largest liquidation order took place on Binance on an ETH/USDC pair valued at $14.48 million.

Notably, there was no major news event driving Sunday’s crypto selloff, which saw the total market capitalization of crypto assets fall below the $3 trillion mark.

“Downside liquidity swiped first, which is what we want to happen,” commented one industry watcher @Skyodelic on X.

“It would’ve been a lot more worrying had we pushed hard on Sunday, taken the short liqs first, then headed for longs after.”