The crypto market cap crossed $4 trillion for the first time on Friday. But the sharp rally didn’t come without damage. Over $820 million in trades were liquidated within a single day, as big price moves in Bitcoin, Ethereum, and XRP triggered one of the largest wipeouts seen lately.
According to figures from major exchanges, total liquidations across all crypto assets in the past day stood at $819.21 million. Long positions accounted for $367.15 million, while shorts added up to $452.06 million. A total of 174,968 traders were liquidated within the 24-hour window.
The largest liquidation in the past 24 hours was a $50.79 million BTCUSDT order on Binance.
In the last hour alone, liquidations totaled $6.47 million, including $2.40 million from long positions and $4.07 million from shorts.
Over four hours, the figure climbed to $99.32 million, with $82.34 million in long liquidations and $16.98 million in shorts. The bulk of the action occurred over 12 hours, during which $513.68 million in positions were closed: $209.57 million from longs and $304.11 million from shorts.
By cryptocurrency, Ethereum recorded the largest liquidation total:
- Ethereum (ETH): $234.24 million liquidated in total, including $106.3 million in longs and $127.87 million in shorts.
- Bitcoin (BTC): $153.12 million liquidated, $91.61 million from longs and $61 million from shorts.
- XRP: $97.85 million liquidated, $36.74 million from longs and $61 million from shorts.
- Dogecoin (DOGE): $43.5 million liquidated, $11 million in longs and $32 million in shorts.
Liquidations spiked as top cryptocurrencies rallied. Bitcoin broke past $120,000 for the first time and briefly touched $123,000. Ethereum jumped to $3,600, its highest level since January, while XRP climbed to $3.64, the strongest it has been this year.
Much of the buying momentum was driven by institutional flows. BlackRock’s iShares Ethereum Trust attracted $547 million in inflows within 24 hours, topping Bitcoin ETF inflows of $497 million during the same period.Â
Ethereum’s total value locked in decentralized finance has grown to $5.71 billion, while Layer 2 trading volumes have crossed $200 billion since the start of the year.
Fresh regulatory moves from the U.S. also helped push the crypto market higher. On Thursday, the House of Representatives cleared three key cryptocurrency bills: the Digital Asset Market Clarity (CLARITY) Act, the GENIUS Act focused on stablecoin rules, and the Anti-CBDC Surveillance State Act.
Separately, the U.S. Securities and Exchange Commission (SEC) extended its review period for Bitwise’s Bitcoin and Ether spot ETFs. The pending decision concerns whether in-kind redemptions, allowing investors to receive Bitcoin or Ether directly instead of cash, will be permitted.
Technical factors also played a role. Bitcoin’s breakout above $120,000 was accompanied by bullish signals such as rising RSI and a golden cross pattern on Ethereum charts.Â
At the same time, crypto perpetual funding rates have jumped significantly. According to market analysts, this suggests rising leverage across the market.
Crypto derivatives open interest now stands at around $591 billion. Market watchers point to key Bitcoin support levels near $117,000 as critical in the short term. A drop below that mark could trigger a fresh round of liquidations.
With the total crypto market now valued just behind Nvidia, which recently crossed $4.2 trillion in market cap, attention remains fixed on whether digital assets can hold these gains or whether volatility will force another reset over the coming days.
Also Read: Over $750M in Crypto Liquidated in 24 Hours Amid Bitcoin’s New ATH
