The cryptocurrency market has experienced a severe deleveraging event, with nearly $500 million to $565 million in liquidations occurring in the last 24 hours. Data from Coin Edition and market analysts confirm that long positions bore the brunt of the losses, accounting for $370 million of the total $565 million liquidated. Short positions added $195 million to the figure.
Bitcoin fell to $75,472, down 2.30% in 24 hours, while Ethereum dropped to $2,240, off 3.69%. XRP also slipped to $1.36, down 2.26%. The total crypto market cap shed 2.06% to $2.53 trillion. The liquidation heatmap shows that Bitcoin and Ethereum alone accounted for a significant portion of all liquidations, with BTC trailing closely behind ETH at over $140 million.
The cascading liquidations were triggered by a combination of factors. The Federal Reserve dropped its somewhat elevated inflation language, replacing it with a starker elevated warning. Additionally, Brent crude hit $119.50 per barrel after former President Trump rejected the Iran deal and a strike plan was confirmed.
Ethereum showed a weaker structure, as it failed to break through the declining resistance zone around the $2,300–$2,400 range and is still trading below key moving averages. Assets in weaker technical positions typically react more violently to liquidations, and ETH is exhibiting that behavior. The market is now in a phase of forced cooling rather than complete collapse, but the risk of further cascading liquidations remains if Bitcoin loses its current trend structure and Ethereum continues to fall below support.
