Bitcoin and altcoins have fallen sharply over the past day, leading to the liquidation of large crypto longs in the derivatives market.
The crypto sector has seen a significant amount of liquidations in the past day
According to data from CoinGlass, volatility in the cryptocurrency market over the past day has led to a series of liquidations. “Liquidation” of a contract occurs when certain losses have accumulated and it is forced to close by the exchange. The digital asset sector tends to be volatile, which means there are regular large liquidations. One such unstable event occurred in the last 24 hours, as shown in the table below.
The cryptocurrency market faces a total of $874 million in liquidations within this window. Of this amount, long-term contracts accounted for the overwhelming share, amounting to $788 million.
The reason the liquidation was so lopsided is, of course, the price movement that unfolded the previous day. Bitcoin plummeted from $95,500 to a low of $93,000, and Ethereum fell from $3,350 to $3,200. In percentage terms, these declines were not large, but their rapid nature is what triggered the liquidations.
The cause of the collapse may be the flare-up of tariff tensions between the US and the EU. As Reuters reported, President Donald Trump vowed over the weekend to impose tariffs on eight European countries.
From February 1, goods from Denmark, the United Kingdom, Norway, Sweden, France, Germany, the Netherlands and Finland will be subject to an additional 10% import duty. If the United States is not allowed to acquire Danish Greenland, these tariffs will increase to 25% on June 1.
There have already been several events in 2025 where tariff-related uncertainties have affected the crypto market, so it is not surprising that the latest news is fraught with volatility. As always, recent market volatility has resulted in Bitcoin-related contracts accounting for a disproportionate share of liquidations.
As seen in the heatmap above, Bitcoin experienced approximately $233 million in liquidations in the past day. Ethereum, the next ranked coin in this category, has seen $156 million worth of contracts involved.
Among altcoins, Solana, XRP, and Dogecoin ranked highest with $61 million, $41 million, and $35 million in liquidations, respectively. Despite having a smaller market cap, SOL is outperforming XRP because its 6% plunge is greater than the latter's 4% decline.
bitcoin price
Bitcoin price is now back at $93,100, with Bitcoin rebounding slightly from its lows.
