Crypto Market Sees Over $1 Billion in Liquidations Amid Sharp Price Drop
The crypto market has seen a dramatic reversal over the past 24 hours, with over $645.67 million in liquidations impacting more than 130,000 traders, according to data compiled by Coinglass. In just the past hour alone, approximately $340 million has been wiped out—highlighting the market’s current volatility.
These figures are estimates based on publicly available data, meaning the actual scale of liquidations could be even greater. The recent downturn follows two days of strong bullish momentum, making today’s decline all the more surprising for many investors.
The total global crypto market capitalization dropped by 4.52%, now sitting at approximately $3.44 trillion. Almost all of the top 100 digital assets have recorded losses over the past 24 hours.
This unexpected downturn unfolded just hours after U.S. President Donald Trump shared his digital asset policy plans during Coinbase’s State of Crypto Summit. Simultaneously, the outgoing chair of the Financial Stability Board (FSB) issued a stark warning about the systemic risks posed by crypto’s increasing ties with traditional financial systems.
Despite recent gains, large investors—commonly referred to as “whales”—appear to be shifting their capital. On-chain data reveals that a whale on Binance was liquidated on a staggering $201 million BTC/USDT long position in a single transaction.
Major crypto exchanges bore the brunt of the volatility, with Binance alone responsible for roughly $258.79 million in liquidations. Bybit and OKX also saw significant volumes of forced positions.
The crypto market, which has a negative outlook, fell sharply as Israel launched an attack on Iran overnight. Bitcoin lost over 5 percent, while Ethereum’s decline exceeded 10 percent. These declines also caused money to exit from altcoins.
Bitcoin led the liquidation charts, accounting for over $308 million in losses. Still, earlier this week, Bitcoin managed to breach the $110,000 level multiple times, pushing market optimism to a level not seen since Trump’s last presidential victory.
According to Santiment, sentiment on social media surrounding Bitcoin remains notably positive. As of June 11, the platform recorded a ratio of 2.12 positive comments to every negative one across platforms such as X, Reddit, Telegram, and others.
Interestingly, while institutional and sovereign interest has driven much of Bitcoin’s growth during this cycle, a resurgence in retail investor sentiment may provide an additional lift in the near term.
Currently, Bitcoin is trading at $105,000, down 2.6% in the last 24 hours. Ethereum is at $2,519, down 9%.
This week’s price action has also been influenced by macroeconomic developments, including a tentative U.S.–China trade agreement, fresh U.S. inflation data, and Senate discussions on the GENIUS Act—a proposed bill aiming to regulate stablecoins.
