Bitlayer (BTR), a Bitcoin Layer 2 project built on BitVM and backed by investors including Polychain, Franklin Templeton and Framework Ventures (~$25M raised), dropped nearly 78% in 24 hours to about $0.041. Daily volume surged ~648% to $128M (BTR/USDT on Bitget ~ $29M). The crash was driven by heavy profit-taking from early holders and airdrop recipients that triggered widespread leveraged liquidations; some social posts alleged a rug pull, though the decline appears market-driven. BTR is ~82% below its ATH ($0.2372) and ~72% above its ATL ($0.02352). Short-term technical projections expect further weakness toward $0.031–$0.032 within days. Token remains high-risk and volatile.

Large 24h price drop (~78%) with a ~648% surge in volume to $128M and reported leveraged liquidations indicates substantial short-term market pressure; alleged rug pull noted but summary says decline appears market-driven.