Cryptocurrency traders faced a devastating setback as a market-wide correction liquidated approximately $9.55 billion, primarily from investors betting on higher prices. The catalyst for the plunge was the announcement of aggressive new tariffs on China, creating a wave of risk-off sentiment across digital asset markets.
Data from CoinGlass reveals a stark imbalance: $8 billion of the liquidated capital came from long positions, vastly overshadowing the $1.55 billion from shorts. This indicates that the majority of the market was caught leaning the wrong way during the sudden downturn.
Bitcoin and Ethereum saw the highest individual liquidations, including a single $87.53 million position on the HTX exchange. The scale of the event suggests it is likely the largest liquidation, in dollar terms, in the history of the crypto market.
