The crypto market is in the red: massive liquidations exceeded $993 million in 24 hours
The cryptocurrency market experienced one of the most powerful sell-offs in recent weeks. Over the past 24 hours, traders lost nearly $994 million due to the forced closure of margin positions. Thousands of market participants were affected, with the main damage traditionally falling on Bitcoin and Ethereum.
The price drop was total. Almost all leading digital assets simultaneously went into the red. The main wave of forced sales affected 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 impressive volume of position closures was recorded.
The market turned red
The scale of the total sell-off was clearly demonstrated by the cryptocurrency market heatmap. Over the day, the Bitcoin (BTC) rate decreased by 4.07%, and the value of Ethereum (ETH) fell by 4.91%.
Similar negative dynamics were observed for other key altcoins:
| Cryptocurrency | 24-hour Price Change |
| 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 affected the entire sector, not just individual coins. Towards the evening on 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 suffered losses
The main reason for such a rapid collapse was the excess of leveraged positions. The daily liquidation map shows how buyers who were building 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, overtaking many large centralized services. The top three was closed by the Bybit exchange, where traders lost more than $140.85 million.
Liquidations in crypto: Bitcoin hits the $63,000 level
The liquidation heatmap for the BTC/USDT pair on Binance shows why a bounce 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 decline 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. In this range, many margin positions have accumulated, 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 would undoubtedly trigger another massive wave of forced closures. Currently, the main cryptocurrency is caught between strong resistance above and fragile support below.
My analysis: The current situation is a classic example of a cascade liquid