13.06.2025 00:10
In a dramatic market shift, over $645.67 million in cryptocurrency assets were liquidated within a 24-hour period, impacting more than 130,000 traders. This staggering figure, compiled from publicly available data on Coinglass, represents a significant market correction. The volatility was particularly acute; a jaw-dropping $340 million vanished in a single hour, though this is undoubtedly a conservative estimate, reflecting only publicly reported data and not the complete picture of market activity.
Following a two-day rally, the cryptocurrency market experienced a sharp downturn, with nearly all top 100 cryptocurrencies suffering losses. The overall market capitalization plummeted by 4.52%, settling at $3.44 trillion. This sudden reversal surprised many, given the generally positive market sentiment earlier in the day, fueled partly by President Trump's discussion of digital asset plans at Coinbase's summit. Adding to the uncertainty, the outgoing chair of the Financial Stability Board (FSB) issued a warning regarding the systemic risks associated with crypto's growing integration into traditional finance.
The market's instability was further amplified by the actions of significant market players – often referred to as "whales." Their movements, as noted by Santiment's on-chain data analysis, carry immense weight in shaping price trends. One striking example was a single, massive liquidation of a $201 million BTC/USDT long position on Binance, highlighting the scale of high-stakes trading. The impact was felt across multiple exchanges, with Bybit, OKX, and particularly Binance (experiencing nearly $258.79 million in liquidations) bearing the brunt of the sell-off. Bitcoin, unsurprisingly, was the hardest hit, with over $308 million in liquidations reported over the 24-hour period. This significant movement underlines the potential for rapid and substantial price fluctuations in the cryptocurrency space, stemming from both macroeconomic factors and the actions of powerful market participants.
