Cryptocurrency traders witnessed the largest liquidation event in history, according to data tracking site Coinglass, as reported by the South China Morning Post. Prices fell on Friday after US President Donald Trump said he would impose 100% additional tariffs on China and impose controls on software exports.
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The declines were precipitated by what Coinglass described as “the largest liquidation event in cryptocurrency history.” While market weakness was already present, Trump’s post led to a more than 12 percent decline in Bitcoin. The largest token, which reached an all-time high of more than $125,000 earlier in the week, was hovering below $113,000 as of Friday night in New York.
According to Coinglass data, more than $19 billion worth of bets were wiped out over the past 24 hours, and more than 1.6 million traders were liquidated. More than $7 billion of these positions were sold in less than one hour of trading on Friday.
In a post on X, Coinglass said the total could be much higher since exchanges don’t necessarily report such orders in real time. Binance Holdings, the world’s largest cryptocurrency exchange, reports only one liquidation order per second.
“The focus now turns to counterparty exposure and whether this leads to broader market contagion,” said Brian Strogats, chief trader at Multicoin Capital. He added that some estimates put the total liquidation above $30 billion.
Source: Market intelligence platform IndexBox
