The crypto market just got hit with a reality check.
Over $300 million in leveraged positions vanished within just four hours as Bitcoin and altcoins took a sharp plunge—triggered by none other than Donald Trump. The former U.S. president’s fresh tariff threats have once again reminded investors how sensitive this market is to headlines.
According to CoinGlass data, almost all the liquidations came from long positions—traders betting on a continued rally. Bitcoin longs alone lost $107 million, followed by Ethereum with $87 million in liquidations. Other major tokens weren’t spared either: Solana (SOL), Dogecoin (DOGE), and SUI each saw $10M to $18M flushed out.
"Nice aggregate flush of long leverage and de-risk selling from spot," said popular crypto analyst Skew on X, adding that this was clearly another headline-driven sell-off.
The panic began when Trump announced plans to slap a 50% tariff on EU imports and a 25% tariff on iPhones not made in the U.S.—reigniting fears of a global trade war.
That was enough to rattle markets. Bitcoin, Ethereum, XRP, and Cardano dropped 3% to 4%, while smaller-cap tokens like Uniswap and SUI saw deeper corrections of 5% to 7%
One of the most high-profile casualties? A trader named James Wynn, who recently placed a jaw-dropping $1.1 billion BTC long bet on Hyperliquid with 40x leverage. That position is now $7.5 million in the red—and dangerously close to liquidation if BTC dips to $102,000.
What's fascinating is that despite BTC trading near all-time highs, a surprising shift toward short positions was already underway, according to CoinDesk. Perhaps the smart money saw it coming.
One thing's clear: in crypto, nothing is safe when geopolitics enters the chat.
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