Crypto markets experienced a $774.14 million liquidation wave over the past 24 hours, with leveraged traders betting on price increases absorbing $688.56 million in losses. The selloff caught bulls on the wrong side of sharp market moves driven by macro concerns and regional developments.
The total crypto market cap declined 4.40% to $2.77 trillion. Bitcoin dropped 2.67% to $81,594, while Ethereum fell 4.46% to $2,429.16. Altcoins suffered steeper declines, with Solana sliding 7.11% to $103.62 and Zcash falling 9.54%.
Liquidation Details
A total of 172,662 traders faced liquidation, with long positions representing 88.9% of the total volume and shorts accounting for $85.58 million. Ethereum led individual asset liquidations at $169.23 million, with 86.3% of those being longs. Bitcoin followed at $160.48 million, with longs comprising 90.2% of the total. Solana saw $60.41 million liquidated, 94.2% from long positions.
The largest single liquidation was a $9.65 million long position on BTCUSDT at Binance, executed at $81,772.75. Binance accounted for 51.9% of all liquidations across the market.
Market Pressures
Multiple factors weighed on prices. The Middle East conflict escalated with Houthi attacks on Saudi airports reported to have killed at least 20 people in a week, including a US national. President Donald Trump indicated the US may join Saudi Arabia's defensive operations against the Houthis in Yemen.
Treasury yields remained near 24-year highs, increasing the appeal of bonds relative to non-yielding assets like cryptocurrency. Asian equities came under heavy pressure, with South Korea's KOSPI falling nearly 5% as major semiconductor companies declined.
Looking Ahead
The US Consumer Price Index for September will be released Wednesday, with economists expecting annual inflation to rise to 3.7% from 3.4%. A higher-than-expected reading could strengthen rate-hike expectations and add selling pressure, while softer inflation could ease concerns. This data release may influence whether leveraged bulls rebuild positions or continue retreating.
