Crypto Bulls Rack up $600M Liquidations as Bitcoin Drops Under $104K
Crypto markets saw a wave of liquidations in the past 24 hours as bitcoin (BTC) prices slipped under $104,000, triggering over $600 million in forced closures of bullish futures positions to mark the highest losses since February.
A total of $688 million in liquidations hit traders, with 89% of them on the long side — reflecting a heavily bullish market. The largest single liquidation order was a $12.25 million BTC/USDT on OKX, Coinglass data shows.
Bitcoin-tracked futures led losses at over $153 mmillion, followed by Ethereum (ETH) at around $122 million. Solana (SOL) faced liquidations totaling about $33 million, XRP futures at $30 million, and Dogecoin (DOGE) futures at over $22 million.
"Markets went red on Friday on renewed tariff-related apprehensions," said Alex Kuptsikevich, chief market analyst at FxPro, in an email to CoinDesk.
U.S. President Donald Trump accused China of violating a bilateral trade deal, prompting him to double tariffs on steel and aluminum to 50% to protect domestic industries. He claimed China reneged on a May agreement to ease trade tensions, adding that he might discuss the matter with President Xi.
While China is a top steel exporter, most of its steel is already subject to existing tariffs, . Trump’s move rattled global trade markets, with potential implications for key minerals and overall relations between the two nations.
The broader crypto market was also swept by the sell-off, with Ether down nearly 4%, XRP and Solana falling around 4-5%, and Dogecoin diving over 8% on the day.
Data from Deribit shows open interest in Bitcoin futures has surged 51% since April, with options up 126%, signaling increasing investor appetite for leverage. But whales — large holders with more than 10,000 BTC — have shifted from accumulation to net selling, sending coins back to exchanges in a classic sign of profit-taking.
A cascade of liquidations often indicates market extremes, where a price reversal could be imminent as market sentiment overshoots in one direction. Still, the renewed tariff flare-up, combined with a jittery derivatives market, has traders bracing for more volatility ahead.
