Crypto Liquidations Top $450M as Bitcoin Crashes Past $103,000 in Rapid Sell-Off

Bitcoin Dips Below $103K as Sudden Volatility Sparks $450M in Liquidations

21 June 2025

Friday started on a high note for crypto markets, but optimism faded swiftly as bitcoin tumbled during U.S. trading hours. The price fell from over $106,500 to below $103,000 in just a few hours, reversing earlier gains and leaving the market unsettled.

By the time of publication, bitcoin had managed a modest recovery to $103,200, still showing a 1.2% decline over the previous 24 hours.

Other major cryptocurrencies experienced even sharper losses. Ethereum’s ether (ETH) plunged 4.5% in a rapid 90-minute drop to $2,372, with trading volumes surging to nearly 800,000 ETH—eight times the typical hourly average, according to CoinDesk data. Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) also fell between 3% and 5% during the same window.

The abrupt price swings triggered roughly $450 million in liquidations of crypto derivatives positions on centralized exchanges, per data from CoinGlass. Of this, around $387 million came from long positions that had bet on rising prices.

Despite persistent macroeconomic and geopolitical concerns—including ongoing tensions between Israel and Iran—there was no clear external catalyst for the sharp market drop. Meanwhile, traditional equity markets remained relatively stable, with both the S&P 500 and Nasdaq 100 slipping only slightly on the day.

Bitcoin’s Range Persists

Zooming out, bitcoin continues to trade sideways in a range between $100,000 and $110,000, consolidating just below its record highs.

“The mixed view of whether BTC will go above $110,000 again or drop into the $90,000 area doesn’t surprise me at all and underscores the overall indecision people and markets feel,” said James Toledano, chief operating officer at Unity Wallet.

“The present BTC stalemate reflects a market caught between bullish long-term sentiment and short-term macroeconomic and geopolitical uncertainty,” he added.