Panic in the crypto market: liquidations have reached nearly $1 billion — a detailed breakdown
The cryptocurrency market has experienced a massive shock. In just one day, traders lost a colossal $993.70 million as a result of forced liquidations of margin positions. Trading platform statistics show that thousands of participants were affected. Traditionally, the most serious damage was inflicted on the two main digital coins — Bitcoin and Ethereum.
The price decline turned out to be truly widespread. Almost all leading digital assets simultaneously went into the red. The main wave of forced selling swept through the largest trading platforms, and the undisputed leader in terms of loss volume was once again the Binance exchange. It was there that the most significant volume of position closures was recorded.
The market turned red
The scale of the total sell-off was clearly demonstrated by the heat map of the cryptocurrency market. Over the day, the Bitcoin (BTC) rate decreased by 4.07%, and the price of Ethereum (ETH) fell by 4.91%.
Similar negative dynamics were observed for other key altcoins:
| Cryptocurrency | Price Change in 24 Hours |
| DOGE | -5.86% |
| ETH | -4.91% |
| XRP | -4.28% |
| SOL | -4.13% |
| BTC | -4.07% |
| BNB | -3.78% |
The mass sell-offs clearly indicate a widespread reluctance among investors to take risks. It is obvious that the problem has affected the entire sector, not just individual coins. Towards the evening of Wednesday, the decline nevertheless partially slowed down. As a result, Bitcoin settled around $61,000, and the Ethereum rate recovered to approximately $1,606 after a minor intraday correction.
Long position holders incurred losses
The main reason for such a rapid collapse was the excess of leveraged positions. The daily liquidation map shows how buyers who had built up positions in anticipation of growth were massively knocked out of the market by protective stop orders. Total daily losses on long positions amounted to an impressive $781.38 million, while short positions suffered significantly less — $212.32 million.
The main blow was taken by the largest centralized and decentralized trading platforms. The distribution of losses across key platforms is as follows:
| Trading Platform | Total Liquidations | Longs | Shorts | Market Share |
| Binance | $432.83 million | $335.57 million | $97.27 million | 43.56% |
| Hyperliquid | $189.76 million | $148.20 million | $41.56 million | 19.10% |
| Bybit | $140.85 million | $118.89 million | $21.95 million | 14.17% |
| Gate | $67.46 million | $51.99 million | $15.47 million | 6.79% |
| OKX | $62.53 million | $45.56 million | $16.96 million | 6.29% |
| Bitget | $46.60 million | $38.79 million | $7.81 million | 4.69% |
An absolute record for the volume of closed trades was recorded on the Binance exchange. Positions worth $432.83 million were forcibly closed. The second place was quite unexpectedly taken by the decentralized platform Hyperliquid, surpassing many large centralized services. The top three is rounded out by the Bybit exchange, where traders lost over $140.85 million.
Liquidations in crypto: Bitcoin hit the $63,000 level
The heat map of liquidations for the BTC/USDT pair on Binance shows why a rebound for Bitcoin or Ethereum is now in question. Almost all day on June 23, Bitcoin moved sideways near $63,000, and then began to decline.
On June 24, the price continued to decrease in steps — Bitcoin dropped to $59,700 and only found support around $60,000. At the same time, the chart crossed zones with particularly dense liquidations.
Bright clusters are now located in the $61,500-63,000 area. Many margin positions have accumulated in this range, which could become strong resistance if the market attempts to recover.
If buyers can regain the initiative and push the price above $63,000, the local bearish scenario completely loses its relevance. Conversely, a break of the support level at $59,700 will open a clear path for further decline. Such an outcome will undoubtedly provoke another massive wave of forced closures. The main