Crypto Bulls Take a $600M Hit as Bitcoin Dips Below $104K
Market shakeup triggers massive liquidations amid tariff-driven sell-off
The crypto market faced a major shake-up after Bitcoin prices slipped below the $104,000 mark, sparking over $600 million in liquidations — the most significant losses since February. The downturn reflects broader market jitters, partially triggered by escalating trade tensions between the U.S. and China.
Here’s what happened:
Bitcoin's sharp decline led to a wave of forced liquidations, with nearly $688 million wiped from traders’ positions in just 24 hours. According to Coinglass, a staggering 89% of those liquidations came from long positions, underscoring how heavily bullish the market had become. The largest single liquidation was a $12.25 million BTC/USDT position on the OKX exchange. $BTC
Bitcoin-tracked futures were hit the hardest, losing over $153 million. Ethereum followed with roughly $122 million in liquidations. Other major cryptocurrencies, including Solana ($33 million), XRP ($30 million), and Dogecoin (over $22 million), also faced steep losses.
What's driving the sell-off?
Market analysts point to renewed concerns over U.S.-China trade tensions. President Donald Trump accused China of backtracking on a key agreement and responded by doubling tariffs on Chinese steel and aluminum to 50%. Though much of China's steel is already under existing tariffs, the move added fresh volatility to global markets including crypto.
Wider Market Impact
The broader crypto landscape also suffered. Ethereum dropped nearly 4%, while XRP and Solana lost about 4–5%. Dogecoin took an even harder hit, plunging over 8% in a single day.
Data from Deribit shows open interest in Bitcoin futures has soared 51% since April, with Bitcoin options activity up 126%. This reflects growing investor appetite for leveraged bets — but also heightens the risk. or "whales" with over 10,000 BTC, have started selling and sending coins back to exchanges.
