Bitcoin’s Wild Ride: $550M Wiped Out as Price Snap-Backs to $110K
Leveraged traders got steamrolled as BTC staged a violent reversal—just another day in crypto’s casino economy.
Whiplash warning: The king of crypto giveth, then taketh away at lightning speed. Over half a billion in positions evaporated faster than a meme coin’s utility.
Wall Street’s ‘risk managers’ are probably sipping martinis somewhere, muttering ‘told you so’—while quietly stacking SATs on the side.
Crypto liquidations (Source: Coinglass)
The unwind followed Bitcoin’s surge to a fresh all-time high above $111,000 on 22 May before prices slipped toward $107,000 and then back to $110,000 during London trading on Friday.
The reversal coincided with a risk-off turn after U.S. President Donald TRUMP threatened a 50% tariff on EU imports, rattled equities, and spilled into crypto.
Exchange data shows Bybit bore the brunt, recording $197.1 million in liquidations (79% long), followed by Binance with $161.1 million and OKX with $81.1 million. ethereum futures added another $140.2 million in margin calls.
Outside of macro events, elevated funding rates and crowded bullish positioning in the run-up to the record print impacted the market.
Traders are now watching whether collective funding rates flip negative, a sign of capitulation, and whether price can hold above the $105,000-$107,000 support band carved out earlier in May. Macro drivers loom, with U.S. PCE inflation data due on 30 May and further updates on the tariff dispute expected next week.
