Crypto Carnage: $580M in Long Positions Wiped Out Across Bitcoin, Ethereum, and XRP

Blood in the streets as leveraged traders get steamrolled—turns out ’number go up’ isn’t a risk management strategy.

Bitcoin bulls caught sleeping as liquidations hit hardest since last cycle’s leverage purge. Ethereum and XRP bagholders join the pity party—because diversification only works if assets don’t crash in unison.

Wall Street analysts nod sagely while quietly shorting the rebound. Some things never change.

According to CoinMarketCap data, at the time of writing, Bitcoin (BTC) price is trading at $104,644 with an intraday drop of 1%. The daily trading volume has dropped by 18%, and the volume-to-market ratio stands at 2.31%. 

Major altcoins also saw a lot of liquidations. Ethereum recorded $95.41 million long liquidations, Solana (SOL) saw $37.70 million longs liquidated while XRP witnessed 12.88 million liquidations. traders suffered similar losses. The massive liquidation numbers were also caused by Dogecoin (DOGE) and Sui (SUI), which had a ripple effect throughout the crypto market.

The Coinglass data shows that most losses come from long positions, which are much more common than short positions. This means that traders were very optimistic about the market before the recent drop, and most were heavily Leveraged in anticipation of continued gains.

Due to the large amount of liquidation, the market could remain volatile. Analysis shows that big sell-offs are usually followed by more price adjustments as investors’ confidence slowly recovers. It is important for traders to be careful about using leverage at the current crypto market conditions.

Also Read: Bitcoin Records $1.52B Exchange Outflow, BTC price Rally Soon?