The crypto market is in the red: the volume of forced liquidations approached $1 billion
The cryptocurrency market experienced a massive crash, resulting in a total of nearly $993.70 million in forced liquidations of margin positions within 24 hours. This wave of liquidations affected thousands of traders worldwide, with the main blow falling on two flagship assets — Bitcoin and Ethereum.
The decline was total: virtually all leading digital assets turned negative simultaneously. Major trading platforms recorded record volumes of stop-outs. Once again, Binance became the undisputed leader in losses, accounting for the lion's share of liquidations.
The market turned red
The market heatmap clearly demonstrates the scale of the sell-off. Over the day, the Bitcoin (BTC) rate fell by 4.07%, while Ethereum (ETH) lost 4.91%. Similar negative dynamics were observed for other key altcoins:
- DOGE: -5.86%
- XRP: -4.28%
- SOL: -4.13%
- BNB: -3.78%
The mass dumping of assets indicates a widespread reluctance among investors to take risks. The problem affected the entire sector, not just individual coins. By Wednesday evening, the decline partially slowed: Bitcoin stabilized around $61,000, and Ethereum recovered to approximately $1,606 after a minor intraday correction.
Long position holders bore the main losses
The main reason for such a rapid crash was an excess of leveraged positions. The daily liquidation heatmap shows how buyers who had built up positions in anticipation of growth were massively knocked out of the market by protective stop orders. Total losses on long positions amounted to a hefty $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 venues 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 (6.79%)
- OKX: $62.53 million (6.29%)
- Bitget: $46.60 million (4.69%)
Binance recorded an absolute record in terms of closed trade volumes. The second place was unexpectedly taken by the decentralized platform Hyperliquid, surpassing many major 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. For almost the entire 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. Meanwhile, the chart crossed zones with particularly dense liquidations.
Bright clusters are now located in the $61,500–63,000 area. This range has accumulated many margin positions that could act as 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 would open a clear path for further decline, which would undoubtedly trigger another massive wave of forced closures.
My analysis: The current situation is a classic example of a cascade liquidation caused by excessive leverage in the market. Until Bitcoin firmly establishes itself above $63,000, it is premature to talk about a trend reversal. In the coming days, holding the support around $59,700 will be key; otherwise, the market faces a new wave of sell-offs.