Key Highlights
- The FOMC kept interest rates unchanged at 3.5%–3.75%, triggering heightened volatility across crypto markets.
- BTC and ETH liquidations surpassed $82 million combined, contributing to over $337 million in total market liquidations.
- Bitcoin recorded roughly $44.63 million in liquidations, while Ethereum saw about $38.02 million wiped out.
The Federal Open Market Committee (FOMC) voted unanimously to keep the benchmark interest rate steady in the 3.5% to 3.75% range during its June 2026 meeting. The decision triggered $122 million in crypto liquidations over the past four hours.
The move marked the first meeting under new Chair Kevin Warsh and notably removed prior policy language indicating a bias toward future rate cuts. Announced at 2:00 PM Eastern Time on Wednesday, the widely expected hold nonetheless triggered sharp volatility across cryptocurrency markets.
Market faces major liquidation after FOMC decision
According to CoinGlass data visualized in the liquidation heatmap, the immediate aftermath saw massive position liquidations. Bitcoin (BTC) recorded approximately $44.63 million in liquidations, while Ethereum (ETH) saw $38.02 million wiped out within the 24-hour window. Combined, BTC and ETH contributed over $82 million of the total $337.70 million in crypto liquidations, with roughly 87,793 traders affected.
The 5-minute chart post-announcement reveals a classic FOMC-induced liquidation spike. Bitcoin’s price, which had been trading in a relatively stable range around $65,500 earlier in the session, experienced sudden downward pressure, with the current price standing at $64,411, according to CoinMarketCap.
The price vs. liquidation chart shows pronounced green (long) and red (short) bars surging right after 2:00 PM ET, with long liquidations dominating initially as leveraged bulls were caught off-guard by the neutral-to-hawkish tone.
Multiple spikes recorded throughout the day
The cryptocurrency liquidation history chart also shows multiple spikes throughout the day, but the most significant long liquidation wave aligned precisely with the FOMC release. A towering green bar exceeding $35 million in long liquidations highlights how overleveraged positions were rapidly unwound.
Exchange data confirms Binance led the activity with $56.93 million in liquidations, followed by OKX and Bybit, underscoring the broad impact across major platforms. Shorts also faced pressure later, but longs bore the brunt of the initial reaction.
BTC, ETH drove major volume
The liquidation heatmap shows BTC leading with $44.63 million in liquidations, followed closely by ETH. Other assets, including SOL and several altcoins, also contributed to the total, but BTC and ETH accounted for most of the liquidation volume.
The data also indicates a strong bias toward long liquidations in the hours surrounding the announcement, consistent with historical FOMC patterns where leveraged crypto traders often face violent squeezes.
Crypto market remains sensitive to macro policy
This event highlights the persistent sensitivity of cryptocurrency markets to macroeconomic policy decisions. Even “as-expected” outcomes can trigger significant deleveraging due to high leverage ratios prevalent in derivatives trading.
As markets digest the FOMC outcome, participants will closely monitor upcoming economic indicators and any signals from the Fed regarding potential future adjustments. For now, the $122 million immediate hit to BTC and ETH positions serves as a stark reminder of the intertwined nature of traditional monetary policy and the volatile world of digital assets.
Traders are advised to manage leverage prudently around such high-impact events to avoid similar cascades.
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