The crypto market witnessed a steep drop as liquidations totaled a staggering $620.5 million within 24 hours alone. Bitcoin (BTC) spearheaded this nosedive, plummeting to $80,000 over the weekend. This spectacular drop induced margin calls, compelling traders to close their leveraged positions and amplify volatility in the process.
According to Coinglass, 225,381 traders were liquidated. Long positions suffered the most, losing $529.4 million, while short positions faced $91.1 million in losses. Bitcoin alone saw $239.5 million in liquidations, with the biggest single order—a BTC/USDT trade worth $32 million—wiped out on Binance.
CryptoQuant data shows Bitcoin’s long liquidations reached 14,714, surpassing previous crises like the Celsius and FTX crashes. The market downturn coincided with President Donald Trump’s Strategic Bitcoin Reserve executive order, which unexpectedly pressured BTC prices.
Analysts have warned that if Bitcoin is unable to hold $78,000, it will drop to $75,000. Arthur Hayes noted unusually high open interest in Bitcoin options at the $70,000-$75,000 range that could add more volatility. BTC was trading at $82,629 at the time of writing, having lost 3.9% in a day.
Ethereum (ETH) also took a hit, with $108.5 million in liquidations. The broader market saw a $148 billion loss in total value.
Meanwhile, some crypto whales face heavy losses. One whale holding 65,675 ETH on Maker is at risk of liquidation if ETH drops to $1,931. However, another whale has successfully shorted BTC, making $7.5 million in profit amid the chaos.
