Crypto traders betting on sustained bitcoin BTC growth received a sharp warning as Donald Trump’s recent tariff threats impacted the market.

According to data from CoinGlass, over $300 million in leveraged positions were liquidated within a span of four hours, as cryptocurrency prices fell sharply following the announcement of new tariffs.

The majority of these liquidations came from long positions, particularly in Bitcoin, which saw liquidations amounting to $107 million. Other major cryptocurrencies like Ethereum were not spared, with approximately $87 million in liquidations. The market saw various tokens, including Solana, Dogecoin, and SUI, experiencing liquidations ranging from $10 million to $18 million.

“Nice aggregate flush of long leverage and de-risk selling from spot,” noted well-followed crypto trader Skew on a post. “All driven by headlines once again.”

The sell-off occurred after Trump introduced a proposed 50% tariff on imports from the European Union and 25% on iPhones coming from outside the U.S., escalating fears of an ongoing trade war, which impacted not just Bitcoin but other major altcoins, which dropped 3% to 4%. Large-cap tokens such as XRP and Cardano were also affected.

Interestingly, the long liquidations emerged against a current unusual inclination towards short positions in BTC derivatives, despite record high prices.