Crypto Bloodbath: $340M Evaporates in 60 Minutes as Leverage Gets Wrecked

Crypto traders just got a brutal reminder of why leverage is a double-edged sword.

Markets convulse as liquidations spike

A cascade of $340 million in forced liquidations hit crypto derivatives traders in a single hour—proof that even in 2025, greed still outpaces risk management. The liquidation storm hit across major exchanges, with over-leveraged positions getting wiped faster than a meme coin''s fundamentals.

Who''s holding the bag?

While the usual suspects (BTC and ETH) saw the most volume, altcoins didn''t escape the carnage. The timing couldn''t be worse—just as Wall Street''s traditional markets close for the weekend, leaving crypto to its usual volatile devices. Some things never change: traders chasing 100x leverage still can''t read a chart.

This is why we can''t have nice things.

Crypto market experiences significant liquidations

After two days of rising prices, the crypto market is down today. Nearly all top 100 coins have recorded decreases over the last 24 hours. The crypto market cap has dropped by 4.52% to $3.44 trillion. 

The drop was unexpected considering the positive market sentiment during the day. Earlier today, US President Donald Trump discussed his digital asset plans at Coinbase’s State of crypto Summit. In other news, outgoing chair of the Financial Stability Board (FSB) sounded the alarm on the systemic risks posed by crypto’s deepening integration with traditional finance.

Good as the market have been, whales have began mooving their money. If you’ve absorbed enough crypto content, you probably already know just how much power whales have when it comes to moving prices.  According to data from Santiment, with crypto markets ranging, the importance of where whales are moving their money is at a premium.

On-chain data shows a whale on Binance was liquidated on a $201M BTC/USDT long position in a single order.

Exchanges like Bybit, OKX and Binance saw the biggest hits, with Binance alone accounting for nearly $258.79 million in liquidations.

The liquidations largely hit major tokens, with Bitcoin leading the pack at over $308 million liquidated in the past 24 hours, according to CoinGlass data.

Bitcoin markets steer profits

On the other hand, Bitcoin’s several breakouts past $110,000 this week have pushed bullish market sentiment to a seven-month high. The sentiment was last seen during US President Donald Trump’s election win.

As of June 11, there are 2.12 positive bitcoin comments for every negative comment on social media, crypto analytics platform Santiment said in a June 11 X post. 

During this cycle, retail interest in Bitcoin has been subdued, with the price increases largely credited to institutional and nation-state adoption. An optimistic change in retail sentiment may serve as an extra advantage for Bitcoin.

On June 11, Santiment data recorded 504.54 positive sentiment comments regarding Bitcoin, contrasted with 237.71 negative comments, resulting in a ratio of 2.12. Santiment monitors Bitcoin market sentiment across platforms such as X, Reddit, Telegram, 4Chan, Bitcoin Talk, and Farcaster.

😍 With Bitcoin teasing its $112K all-time high the past couple days, retail has gotten bullish. There are more than double the amount of positive $BTC comments vs. negative across social media, the highest ratio since TRUMP was elected over 7 months ago. pic.twitter.com/kdb4ZtDwIq

Presently, Bitcoin is worth $106,047 a 2.4% drop in the last 24 hours. ethereum has suffered worse losses now 4.4% down in 24 hours.

This week, the markets have experienced several interesting developments, such as the tentative trade agreement between the US and China, the US inflation report, and the US Senate’s vote to invoke cloture on a substitute amendment to the stablecoin GENIUS Act.

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