TLDR
- Over $657 million in total crypto liquidations hit the market in 24 hours
- Long positions took 89% of the damage, with $584 million wiped out
- Ethereum led losses at $256 million, Bitcoin followed at $180 million
- Bitcoin dropped below $77K, extending weekly losses to 5.59%
- Trump’s warning of possible US strikes on Iran pushed markets into risk-off mode
Crypto markets took a sharp hit over the past 24 hours as over $657 million in liquidations swept through the market. Long traders bore the brunt of it.
According to data from Coinglass, 106,371 accounts were liquidated in a single day. Long positions accounted for $584 million of that total. Short positions lost just $73 million, making this a one-sided wipeout of leveraged bulls.
Ethereum and Bitcoin Lead the Losses
Ethereum suffered the most of any single asset, with $256 million in long positions wiped out. Bitcoin followed with $180 million in liquidations. Together, the two largest cryptocurrencies made up roughly two-thirds of the day’s total damage.
The largest single liquidation was an ETH/USDT perpetual contract on Bitget worth $28.49 million.
Bitcoin had been testing the $79K to $80K resistance zone and failing to break through. When that rejection turned into a slide below $77K, it set off a wave of forced liquidations across exchanges.
In just one hour, $526 million in positions were closed out. Some reports put total weekend long liquidations above $800 million.
Bitcoin is now down 5.59% on the week. Ethereum dropped under $2,120, down nearly 10% over seven days. Solana fell 11.22% over the same period to $84.94.
The total crypto market cap slipped 0.93% to around $2.65 trillion.
Trump’s Iran Warning Added Pressure
The market slide did not happen in a vacuum. President Donald Trump signaled possible US military strikes on Iran, which pushed traders into risk-off mode ahead of the week.
Trump is expected to hold a Situation Room meeting on Tuesday to review military options. If tensions escalate further, more volatility in leveraged crypto positions is possible.
The Setup Behind the Pain
Bitcoin had seen nine straight days of ETF inflows before this pullback, totaling around $2.12 billion. That kind of buying tends to encourage leveraged traders to pile into long positions expecting the trend to hold.
Spot Bitcoin ETFs bring in investors who do not use leverage. That $2.12 billion represents real buying, not speculative positions. But the leveraged traders who followed the momentum got caught when the price turned.
The near-term support zone now sits between $75K and $77K. Bulls need to hold that range. The $79K to $80K zone is what needs to be reclaimed for momentum to return.
ETF flow data in the coming days will be watched closely. Nine consecutive days of inflows set the stage for this rally, and how those flows move now could shape what comes next.
