Crypto Journalist
Amin Ayan
Crypto Journalist
Amin Ayan
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Over 1.66 million crypto traders were liquidated in the past 24 hours as the market experienced a sharp downturn, wiping out a staggering $19.33 billion in positions, according to data from CoinGlass.
Key Takeaways:
- Over 1.66 million traders were liquidated in 24 hours, erasing $19.33 billion in crypto positions.
- Bitcoin and Ethereum led the losses with $5.38B and $4.43B liquidated.
- Analysts warn it was one of the year’s most severe deleveraging events.
The sell-off followed escalating macro uncertainty after President Donald Trump reaffirmed his plan for 100% tariffs on Chinese imports, spooking risk markets.
Bitcoin, Ethereum Lead $16.8B Long Losses
Long positions accounted for the bulk of the damage, totaling $16.83 billion, while $2.49 billion came from shorts.
Bitcoin and Ethereum led liquidations at $5.38 billion and $4.43 billion, respectively, followed by Solana ($2.01B) and XRP ($708M).
Hyperliquid saw the largest single liquidation, an ETH-USDT position worth $203.36 million, as total exchange liquidations topped $10.3 billion.
Analysts noted that the wipeout marked one of the most severe deleveraging events of the year, highlighting the extreme volatility still present across crypto markets.
Notably, the global crypto market cap fell over 9% in 24 hours, sliding to $3.8 trillion as prices tumbled across major assets.
Bitcoin dropped from above $122,000 on Friday morning to around $113,600, wiping out all gains since August, and briefly dipped below $102,000 later that evening.
The sell-off accelerated after Donald Trump threatened a “massive increase in tariffs” on Chinese imports, responding to Beijing’s new export restrictions on products containing over 0.1% rare earth elements.
Trump later confirmed plans for 100% tariffs, though hinted he could reverse them if China changes course before Nov. 1.
Analysts say a tariff reversal could trigger a short-term recovery in crypto markets, though liquidation losses remain locked in.
Still, one major Hyperliquid whale reportedly shorted nine figures worth of BTC and ETH, earning an estimated $190 million profit, according to on-chain analyst @mlmabc, who suggested the trader may have influenced Friday’s crash.
Trump’s Approval Hits New Lows amid Government Shutdown
US President Donald Trump’s approval rating has fallen sharply, with just 40% of Americans approving and 58% disapproving, according to a new Reuters/Ipsos poll.
The drop follows growing criticism of his decision to militarize law enforcement. A separate HarrisX survey showed a slightly higher 46% approval, underscoring the deep partisan divide across the country.
The decline comes amid an ongoing government shutdown triggered by Congress’s failure to pass spending bills by the October 1 deadline.
Trump blamed Democrats, saying he would target their programs in future budget cuts. Meanwhile, on the Polymarket prediction platform, 86% of traders expect the shutdown to continue past October 15, reflecting waning confidence in Washington’s ability to compromise.
Trump’s pro-crypto stance, a central theme of his 2024 campaign, is also drawing scrutiny.
Senator Elizabeth Warren has warned that Trump’s crypto involvement could pose ethical risks if he profits from related ventures while in office.
