TLDR
- Nearly $1.84 billion in crypto leveraged positions were liquidated in 24 hours — the largest wipeout since February 5
- Long positions took the brunt, with $1.66 billion in longs wiped out vs. just $180 million in shorts
- Bitcoin longs absorbed $883 million of the damage, with a single $59.67 million BTC-USDT long closed on HTX
- Geopolitical tension from the U.S.-Iran conflict and rising oil prices are blamed for triggering the sell-off
- Bitcoin ETFs saw $3.5 billion in outflows over the last 10 trading days, adding pressure to the market
The crypto market suffered its worst liquidation event since early February, with nearly $1.84 billion in leveraged positions wiped out in just 24 hours. Bitcoin fell below $66,000 and Ethereum dropped under $1,900 as the sell-off accelerated.
Long positions — bets that prices would rise — bore almost all of the damage. Of the total liquidations, $1.66 billion were longs, while shorts accounted for just $180 million, according to CoinGlass data.
Bitcoin longs made up the largest share of the losses at $883.66 million. Ethereum longs followed at $475.73 million, and Solana longs added another $91.18 million. The rest was spread across assets including Dogecoin, BNB, and others.
The single largest trade to be closed was a $59.67 million Bitcoin-USDT long position on the HTX exchange.
Where the Liquidations Happened
Binance handled the most volume, accounting for $748 million — about 41% of all liquidations — with 89% of those being long positions. Hyperliquid processed $314 million, of which 94% were longs. Bybit logged $247 million with 93% longs.
More than 224,500 individual traders were liquidated during the event.
Despite the sell-off, Bitcoin open interest actually rose. It climbed from roughly 759,000 BTC to 788,600 BTC even as prices fell. Rising open interest alongside falling prices can suggest new short positions are being opened, meaning fresh bearish bets are building.
Retail traders on major exchanges are still leaning long. On Binance, the long-to-short ratio sits at 2.22. On OKX it is 2.01, and on Bybit it is 1.58. Whale accounts on OKX, however, have flipped to a 0.54 ratio, which CoinGlass labels as “extremely bearish.”
Geopolitical Pressure and ETF Outflows
The sell-off has been linked to rising tensions from the U.S.-Iran conflict. Iran suspended talks with the U.S. and threatened to disrupt the Strait of Hormuz, a key global oil shipping lane. Brent crude rose to $93.89 per barrel, up 1.88%.
Higher oil prices and uncertainty pushed investors toward safer assets like cash and gold, pulling money out of crypto.
Bitcoin ETFs added to the pressure. They recorded $3.5 billion in outflows over the last 10 trading days. A $14 million Bitcoin transfer by Tether also raised concerns and contributed to selling pressure.
At current prices, Bitcoin is down about 12% on the week. Ethereum is down around 5.38% to $1,894. XRP fell 6.43% to $1.21, Solana dropped 7.54% to $74.92, and Dogecoin declined 7.05% to $0.093.
Traders are watching the $65,000 level closely. A break below that price could open a path toward $60,000.
