The crypto market saw over $240 million in total liquidations over the last 24 hours, as longs faced mass closures across all exchanges.
Data from CoinGlass shows that Bitcoin futures accounted for most losses, with roughly $54.5 million in positions wiped out. Ethereum followed closely, accounting for around $49.8 million, while other coins contributed to the rest.
Over 117,000 traders experienced margin calls when prices declined. Bitcoin, which found some stability at around $85,000, dropped to $83,000, causing forced closures in long positions.
Bybit saw the most Bitcoin longs closed, with $17.8 million liquidated. Binance followed closely, with $11.3 million liquidated, and Gate.io followed close behind, with $10 million Bitcoin longs liquidated. Around 70% of all liquidations were longs, indicating that the market was overextended and relatively unprepared for another drop below $85,000.
The downturn happened in tandem with a broader move in legacy markets, where S&P futures posted further losses.
However, traditional safe-haven assets like gold and US Treasury bonds saw gains. Gold rose 2.7%, and US 10-year bond prices increased by 0.55%. These moves represent a defensive shift in investor positioning in the US as controversies and uncertainty surrounding tariffs continue to weaken the market.
However, CryptoSlate’s earlier reports found that Bitcoin has shown relative strength compared to traditional assets when zooming out.
Since the beginning of April, Bitcoin’s price increased by over 5% while S&P 500 futures (ESM2025) declined by more than 4%, oil dropped by nearly 13%, and the dollar index (DXY) fell by 4.5%.
Despite its dup to $83,000 and a spike in liquidations, Bitcoin remains one of the better performers over this multi-week window, trailing only gold, which has surged nearly 6%.
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