Crypto liquidations surged to roughly $238 million over the weekend after President Donald Trump signaled he was ready to intensify military strikes on Iran. The sell-off was heavily skewed toward long positions, according to CoinGlass data, as traders scrambled to reduce exposure.
Weekend risk-off sweep
Trump's warning came late Friday, U.S. time, and markets reacted almost immediately. By Saturday morning, bitcoin had dropped about 4% from its weekly high, dragging altcoins down with it. The liquidation cascade accelerated as leveraged longs got wiped out across major exchanges. CoinGlass recorded the bulk of the damage on Binance and OKX, though the exact exchange-level breakdown wasn't disclosed.
Longs take the hit
The skew toward long positions is telling. Roughly 85% of the $238 million in liquidations came from traders betting on higher prices, according to CoinGlass. That's a familiar pattern in geopolitical flash crashes — leveraged bulls get caught off guard when a headline shifts sentiment. The remaining 15% were short positions, likely closed by traders taking profits or covering.
What comes next
Markets are still jittery. No new statements from the White House or Pentagon have emerged since the weekend, but the situation remains fluid. Traders are watching for any further signals from Washington or Tehran this week. A de-escalation could spark a quick rebound; another escalation could trigger another wave of liquidations. For now, the crypto market is holding its breath.
