Crypto Liquidations Top $800M as XRP, SOL Lead Market Drop With 14% Losses

Crypto Bulls Crushed: $840M in Longs Liquidated as Market Spirals, but Reversal Could Be Looming

The crypto market was rocked by a brutal liquidation cascade over the past 24 hours, with over $840 million in leveraged long positions wiped out as bitcoin (BTC) and other major tokens plunged. The dramatic selloff is raising questions about whether the downturn is overdone — and if a bounce could be around the corner.

According to CoinGlass, BTC bulls suffered more than $322 million in losses, while ether (ETH) longs lost nearly $290 million. Altcoins were hammered too, with nearly $400 million in total liquidations across the board. Futures tied to Solana (SOL) and XRP saw a combined $80 million in positions flushed out.

Bitcoin dropped to below $77,000, and ETH cratered 15% to $1,500, its lowest level in months. SOL, XRP, and dogecoin (DOGE) tumbled 14–15% before staging minor recoveries in Asian hours. Even BNB, one of the more stable large-caps, slid 6%.

The carnage didn’t stop at the majors — mid- and small-cap tokens across the board posted losses of 10–20%, per CoinGecko data.

The heavy skew in bullish positions (86% of open futures were long) created the perfect storm for forced selling as prices fell, triggering margin calls and liquidations that intensified the drop.

Liquidations happen when traders can’t meet margin requirements on leveraged bets, forcing exchanges to close positions. A wave of these events often signals panic — and can mark a market bottom as the weakest hands are flushed out.

The backdrop? A sea of red across risk assets as investors grapple with the economic fallout of Trump’s sweeping tariffs. U.S. equity futures opened down nearly 5%, and global sentiment remains fragile.

Billionaire hedge fund manager Bill Ackman issued a stark warning, calling Trump’s tariff blitz an “economic nuclear war” and urging a Monday pause to avoid long-term damage.

With sentiment at rock bottom and leverage washed out, some traders believe a reversal could be closer than it seems.