Crypto markets saw $657.9 million in liquidations over 24 hours, the largest flush in months, after President Trump warned of possible US strikes on Iran. Long positions — heavily exposed after weeks of bullish bets — accounted for 89% of the total, with $584.38 million wiped out. The selloff dragged Bitcoin below $77,000 and Ethereum under $2,120, and the total crypto market cap slipped 0.93% to about $2.65 trillion.
The liquidation breakdown
Data from across exchanges shows 106,371 accounts were liquidated. Short sellers lost $73.52 million — a fraction of the damage. The largest single order was an ETH/USDT perpetual contract on Bitget worth $28.49 million. That's a lot of leverage gone in one click.
Ethereum and Bitcoin lead the pain
Ethereum long liquidations totaled $256.83 million, Bitcoin longs $180.89 million. Together the two assets made up roughly two-thirds of all liquidations. Solana fell 11.22% over the past week to $84.94. The speed of the drop caught many off guard — weekly losses of 5.59% for Bitcoin and nearly 10% for Ethereum aren't routine.
What triggered the rout
The catalyst was political. Trump warned of possible US strikes on Iran, sending a shock through risk assets. Crypto, already sensitive to macro headlines, reacted fast. The Situation Room meeting scheduled for Tuesday adds to the uncertainty. Markets don't like open-ended military timelines.
All eyes are on Tuesday's White House meeting. If the administration signals a strike or a diplomatic off-ramp, leveraged positions could swing again. Right now, the $657.9 million liquidation tally is a reminder that geopolitical risk doesn't care about your stop-loss.
