While traders were busy celebrating Bitcoin’s breach of the $95,000 resistance level, the crypto market turned into a bloodbath overnight. A staggering $864 million in positions were liquidated within just 24 hours. Ouch. Long positions took the hardest hit, with over $700 million wiped out – that’s 91% of all liquidations. Not exactly what the bulls had in mind.
Crypto’s weekend party crashed hard as $864M vaporized overnight, leaving bulls licking their wounds.
Bitcoin shorts got absolutely demolished first, with $380 million in short positions obliterated after the leading cryptocurrency smashed through resistance. The dramatic price movement triggered significant short-covering demand as traders rushed to close positions. Those shorting Bitcoin at $91,920 learned a painful lesson. The digital gold pumped 3.5% to $97,800 before the tables turned dramatically.
Ethereum followed a similar pattern, with over $250 million in short positions liquidated after it rallied 5% to $3,380. One poor soul on Hyperliquid lost $15.5 million on a single ETH-USD position. Talk about a bad day. Experts recommend implementing tiered stop-loss orders to protect against such devastating losses during volatile market conditions.
The broader market wasn’t spared either. Total crypto market cap nosedived by $110 billion, plunging from $3.24 trillion to $3.12 trillion. A cool $100 billion vanished overnight. Bitcoin initially dropped 3.8%, eventually settling at a 2.5% loss, while altcoins got absolutely hammered – some plummeting over 10%. XRP and SOL were among the hardest hit, dropping 3.99% and 5.92% respectively.
The human toll? Nearly 240,000 traders liquidated globally. Many were caught in the classic trap of excessive leverage, with some platforms offering up to 100x. Rookie mistake. Long positions were getting wiped at $53.3 million per hour, while shorts lost a comparatively tiny $1.7 million hourly.
Several factors triggered the carnage – reduced rate cut expectations from U.S. data, Trump’s tariff threats, geopolitical tensions, and institutional investors reducing their crypto holdings. Liquidity dried up fast, creating a cascading effect as margin calls piled up.
Still, this wasn’t crypto’s worst day by far. Old-timers remember October 2025’s epic $19.16 billion liquidation event. This one? Just another day in crypto.
