Bitcoin, Ethereum Lead as Crypto Liquidations Hit $258M in 4 Hours

A sharp market downturn triggered a wave of forced liquidations, wiping out over $250 million in leveraged positions within just four hours, led by Bitcoin. 

Leveraged traders took a significant hit today as the market entered another rapid deleveraging phase. In total, $258 million in positions were liquidated within the four-hour window, with long positions accounting for the majority of the losses as prices pulled back. 

Key Points 

• More than $250 million in leveraged positions were liquidated within four hours, led primarily by Bitcoin and Ethereum.
• Total liquidations climbed to $450 million over 24 hours, with long positions accounting for $402 million and shorts for $48 million.
• The liquidation began after Bitcoin fell below $67,000 and Ethereum dropped under $2,000.
• Despite the pullback, Bitcoin continues to outperform traditional assets such as gold and oil. 

Bitcoin and Ethereum Lead Liquidations 

Notably, Bitcoin alone accounted for $118 million, representing 45.73% of total liquidations. Meanwhile, Ethereum followed with $73.49 million, and Solana recorded approximately $18.41 million. Other altcoins, including XRP and Chainlink, made up the remaining share. 

Moreover, liquidations climbed to $450 million in 24 hours, according to CoinGlass data. Long positions dominated the wipeout at $402 million, while short positions accounted for roughly $48 million. Once again, Bitcoin and Ethereum led the trend, with $183 million and $125 million in liquidations, respectively. 

BTC and ETH Drop to Two-Week Low 

This cascade followed an abrupt market downturn on Friday. Bitcoin fell below $67,000 for the first time since March 9 and currently trades at $66,257, down 4.58% over 24 hours. 

Similarly, Ethereum dropped below $2,000, marking its first break under that level since March 11. It now trades at $1,981, down 4.23%.

Analysts linked the sell-off to rising geopolitical tensions in the Middle East, particularly uncertainty surrounding a ceasefire signalled by Donald Trump. As a result, risk assets, including cryptocurrencies, have faced increased pressure. 

Bitcoin Outperforms Traditional Assets Since War 

Despite the recent downturn, data from CryptoQuant shows that Bitcoin continues to outperform traditional assets during the conflict period. 

Since February 28, Bitcoin has gained 12%, while the S&P 500 has declined 4% and gold has fallen 16%. This incredible performance highlights Bitcoin’s relative strength amid macro uncertainty. On the other hand, oil has spiked 9% since the war began in the Middle East.