There’s no way to sugarcoat the recent turmoil in the cryptocurrency market that began Friday evening. Bitcoin experienced a significant drop, plummeting from over $122,000 to $105,000 on some exchanges, with others recording lows of $101,000.

The altcoins suffered as well, witnessing large double-digit losses. According to Valuermarket’s report, this incident is labeled as the “largest single-day liquidation in the history of digital assets.” Initially, the figures showed $250 million liquidated in an hour and $900 million over a 24-hour period when BTC had previously dipped to $117,000, but those numbers were overshadowed by what followed.

Data sourced from CoinGlass indicates a staggering $19.30 billion was wiped out within just one day. Long positions accounted for the vast majority of these liquidations at nearly $17 billion, while short traders also faced losses, with $2.5 billion liquidated during the minor recovery attempts.

The number of traders affected is unprecedented, skyrocketing to over 1.66 million, significantly higher than the typical figure which hovers around 200,000 during significant liquidation events.

Liquidation Data

The catalyst for this market crash was linked to Trump’s threats against China regarding tariffs, escalating tensions that contributed to the plummet.

The losses from Hyperliquid were notably significant, with over $200 million vanishing from just one ETH-USDT pair. Although the prevailing sentiment indicates that the majority of traders are facing losses, there are exceptions; for instance, one whale reportedly made around $200 million in profits after closing most of their shorts.

“I counted 1010 traders that are down $100k+ today and 206 traders that are down $1M+ today on Hyperliquid. 358 of those accounts lost everything and have ~0 balance, including one person who lost all $19M+ in their account.” — Conor (@jconorgrogan)

Despite the chaotic landscape, some traders are seizing profitable opportunities amidst the downturn.

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