The crypto market has crashed: liquidations exceed $993 million — what's next?
The cryptocurrency market has experienced a massive crash. Over the past 24 hours, traders have lost a colossal $993.70 million due to forced liquidations of margin positions. Statistics show that thousands of participants were affected, with the main damage traditionally falling on Bitcoin and Ethereum.
The price decline has been truly widespread. Almost all leading digital assets have turned negative. The main wave of forced selling has swept through the largest trading platforms, and the undisputed leader in terms of loss volume is once again the Binance exchange. It is there that the most significant volume of closed positions has been recorded.
The market has turned red
The scale of the total sell-off is clearly demonstrated by the cryptocurrency market heatmap. Over the day, the Bitcoin (BTC) price decreased by 4.07%, while the value of Ethereum (ETH) fell by 4.91%. Similar negative dynamics were observed for other key altcoins: DOGE lost 5.86%, XRP — 4.28%, SOL — 4.13%, and BNB — 3.78%.
The mass sell-offs clearly indicate a widespread reluctance among investors to take risks. The problem has affected the entire sector, not just individual coins. By Wednesday evening, the decline partially slowed: Bitcoin stabilized around $61,000, and the Ethereum price recovered to approximately $1,606 after a minor intraday correction.
Long position holders suffered 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 expecting a rise, were massively knocked out of the market by protective stop orders. Total daily losses on long positions amounted to a substantial $781.38 million, while short positions suffered significantly less — $212.32 million.
The main blow was absorbed by the largest centralized and decentralized trading platforms. The distribution of losses across key platforms is as follows: Binance — $432.83 million (43.56% of the market), Hyperliquid — $189.76 million (19.10%), Bybit — $140.85 million (14.17%), Gate — $67.46 million, OKX — $62.53 million, and Bitget — $46.60 million.
An absolute record for the volume of closed trades was recorded on the Binance exchange. The second place was unexpectedly taken by the decentralized platform Hyperliquid, surpassing many large centralized services.
Liquidations in crypto: Bitcoin hits the $63,000 level
The liquidation heatmap for the BTC/USDT pair on Binance shows why a rebound for Bitcoin or Ethereum is currently 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 fall in steps — Bitcoin dropped to $59,700 and only found support around $60,000. The chart crossed zones with particularly dense liquidations.
Bright clusters are now located in the $61,500–63,000 range. Many margin positions have accumulated in this zone, 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 will completely lose its relevance. Conversely, a break below the support level of $59,700 will open a clear path for further decline, which will undoubtedly trigger another massive wave of forced liquidations.
My analysis: The current situation is a classic example of "cascade liquidations," where a price drop causes position closures, which further pressures the market. The key level of $59,700 is the last bastion for the bulls. If it falls, the next target could be the $55,000–$57,000 zone. I recommend traders exercise extreme caution and avoid excessive leverage.