The cryptocurrency market suffered one of its most aggressive deleveraging events in history, with over 1.66 million traders liquidated in the past 24 hours, erasing $19.33 billion in open positions, as per data from CoinGlass.Â
This mass liquidation was triggered by amplified sell pressure after macro uncertainty spiked across risk assets.
Bitcoin took the hardest hit, with approximately $5.38 billion in liquidations, while Ethereum accounted for $4.43 billion. Other major contributors included Solana with $2.01 billion and XRP with $708 million in forced exits.
The bulk of the losses stemmed from long positions, near $16.83 billion, while short-side liquidations stood at $2.49 billion.
Among the largest single forced liquidations, an ETH-USDT position worth $203.36 million was closed by Hyperliquid. Across exchanges, total liquidations surpassed $10.3 billion in short order.
Analysts describe the sell-off as a dramatic “flush” of overleveraged positions, exacerbated by political and economic shocks. The catalyst: President Donald Trump’s confirmation of plans for 100% tariffs on Chinese imports, which rattled markets worldwide and prompted traders to unwind exposure.
The overall crypto market capitalization plunged by more than 9% in 24 hours, sliding to approximately $3.8 trillion. Bitcoin, which had recently traded near $125,000, fell below $113,000, with extended weakness driving prices momentarily below $102,000.
Some market participants profited amid the chaos: on-chain analytics suggest a Hyperliquid whale shorting Bitcoin and Ethereum pulled in an estimated $190 million during the crash.
The liquidation event underscores the fragility of highly leveraged markets in volatile macro environments. This downturn stands in stark contrast to just days ago, when total crypto valuation surged to $4.27 trillion and open interest hit $233 billion, riding on bullish seasonal sentiment.
Looking ahead, the possibility of a reversal on Trump’s tariff stance could offer respite to markets. However, with billions wiped from leveraged positions, volatility is likely to linger.