A total of $1.12 billion in cryptocurrency was liquidated over the past 24 hours, with $961.92 million coming from long positions and $162.61 million from shorts, according to data Finbold retrieved from Coinglass.
With $445.25 million wiped, Bitcoin (BTC) bore the brunt of the impact, followed by Ethereum (ETH), which saw $230.49 million “rekt” in the same period.
A total of 213,250 trades were liquidated, with the single largest order taking place on Hyperliquid, valued at $21.42 million.
Crypto market roller-coaster
The drop was largely the result of Chair Jerome Powell’s Wednesday speech, in which he poured cold water on the hopes of another cut in December.
“There were strongly differing views about how to proceed in December. A further reduction in the policy rate at the December meeting is not a foregone conclusion,” said Powell.
What’s more, the liquidation wave comes as investors welcome new signs of progress in the ongoing U.S.-China trade talks. On Thursday, United States President Donald Trump and Chinese President Xi agreed to cease any mutual escalation and sealed a one-year trade truce after meeting face-to-face for the first time in more than half a decade.
Following the news, Bitcoin slid as much as 3.8% on Thursday, trading as low as $108,572 in the early hours and reversing the momentum it gained during last week’s brief rebound.
The broader crypto market followed suit. Ethereum slipped 3.6% to $3,871, Solana (SOL) edged 1.4% lower to $191.95, and XRP tumbled 4.1% to $2.51.
Spot Bitcoin ETFs are also in the red today, recording 4,238 BTC in daily outflows, worth approximately $471 million.
Featured image via Shutterstock
