Crypto Market Sees $688 Million in Liquidations as Bitcoin Falls Below $104K
Crypto markets experienced significant liquidations as bitcoin (BTC) fell below $104,000, leading to over $600 million in forced closures of bullish futures positions. Key points include:
- Total liquidations reached $688 million, with 89% from long positions.
- Largest single liquidation was a $12.25 million BTC/USDT on OKX.
- Bitcoin-tracked futures losses exceeded $153 million; Ethereum (ETH) saw around $122 million in losses.
- Other cryptocurrencies faced liquidations: Solana (SOL) at $33 million, XRP at $30 million, and Dogecoin (DOGE) at over $22 million.
Market downturns were attributed to renewed tariff concerns following U.S. President Donald Trump's accusations against China for trade violations. He announced an increase of tariffs on steel and aluminum to 50%, potentially impacting global trade relations.
The broader crypto market reflected this sell-off, with Ether down nearly 4%, XRP and Solana falling around 4-5%, and Dogecoin declining over 8%.
Despite a 51% rise in open interest for Bitcoin futures since April, large holders (whales) have shifted to net selling, indicating profit-taking behavior. This wave of liquidations suggests potential price reversals could occur as market sentiment reaches extremes, but traders anticipate increased volatility due to the ongoing tariff situation.