Bitcoin and Altcoins Crush Led to $2.23B Crypto Liquidation

• Over $2.23 billion were liquidated in 24 hours, affecting 727,721 traders, with ETH and BTC hit the hardest.
• Altcoins like XRP (-20.52%), ADA (-23.56%), and DOGE (-20.55%) suffered the most. 
• Binance leads with $820.80M in liquidations, while the largest single liquidation was a $25.64M ETHBTC position on Binance.

The cryptocurrency market faced severe turbulence as $2.23 billion in positions were liquidated in 24 hours, affecting 727,721 traders. The breakdown shows $1.88 billion in long positions and $352.12 million in shorts wiped out, revealing a strongly biased impact on bullish traders.

Ethereum led the liquidation volume, recording $608.84 million in positions cleared, while Bitcoin followed with $407.82 million. The altcoin market faced severe pressure, with XRP seeing $116.70 million in liquidations, Solana $85.68 million, and Dogecoin $85.95 million.

Binance was affected the most in the liquidation event, handling $820.80 million in position closures, representing 36.83% of the total volume. OKX processed $480.30 million, while Bybit cleared $333.13 million. The most substantial single liquidation occurred on Binance, where an ETHBTC position worth $25.64 million was cleared.

The market downturn hit altcoins particularly hard, with Ethereum dropping 19.77% to $2,516.44. XRP declined by 20.52%, while Cardano suffered a 23.56% fall. Dogecoin retreated 20.55%, and BNB decreased by 14.58%. Bitcoin showed relative stability, declining 6.24% to $94,138.84.

Exchange liquidation rates heavily favored long positions, with platforms like CoinEx and HTX reporting over 94% of liquidations on the long side. This imbalance reveals the market’s predominantly bullish positioning before the correction, making the downturn particularly painful for leveraged traders.

Related: Bitcoin Struggles at $104,810: Will Bulls Regain Control?

The scale of this liquidation event shows the inherent risks of leveraged trading, especially during periods of market stress. The pronounced impact on altcoins compared to Bitcoin suggests a broader movement away from higher-risk assets during the correction.

The price crash was triggered as the United States President Donald Trump imposed 25% tariffs on Canadian and Mexican imports. As per the details, the tariff is planned to start from Tuesday.

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