Crypto Market Crash: $700M Liquidated in Bitcoin, ETH, XRP, SOL, DOGE, XPL

Varinder Singh
2 hours ago
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Crypto Market Crash: $700M Liquidated in Bitcoin, ETH, XRP, SOL, DOGE, XPL

Highlights

  • Bitcoin, ETH, XRP, SOL, DOGE and XPL led $700 billion liquidations in the crypto market crash today.
  • Crypto market crash amid massive profit booking by short-term holders, leveraged traders, and whales.
  • US dollar hits 2-month high and 10-year treasury yield holds near 4.13% ahead of FOMC Minutes release.

Crypto market crash on Wednesday saw the market cap tumbling back to $4.1 trillion, down more than 2.50% over the last 24 hours. Moreover, the Crypto Market Fear & Greed Index recorded a sharp drop in the sentiment from 70 (greed) to 60 (greed) in just a day.

Bitcoin (BTC) loses strength amid massive profit booking and plunges more than 4% to $121,257 from $126,200 ATH. Ethereum (ETH) reverses 7% to $4,436, witnessing exceedingly higher liquidations than BTC in the last 24 hours. This is a hallmark of Euphoria phases, where widespread profitability often fuels accelerated profit-taking and rising market risk.

Top altcoins XRP, Solana (SOL), Cardano (ADA), and Hyperliquid (HYPE) fell 5-10% over the last 24 hours. Meme coins Dogecoin (DOGE) and Pepe Coin (PEPE) tumbled over 7%, with Shiba Inu (SHIB) trying to defend levels after 5% fall. DoubleZero (2Z) and Plasma (XPL) are down nearly 19% and 13%, respectively.

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Profit Booking Driven Crypto Market Crash

Widespread profit-taking by high-leverage traders caused the crypto market crash. Strong ETF inflows, renewed spot & derivatives demand, and rising on-chain activity led to holders sitting at 99.5% profit. Moreover, short-term holders’ unrealized profit rose to 10%, which typically follows massive dumping.

Bitcoin Percent Supply in Profit
Bitcoin Percent Supply in Profit. Source: CryptoQuant 

Bitcoin and Ethereum open interests hit a new high during the latest crypto market rally. The setup last witnessed in December led to months of sideways moves followed by a 30% broader crypto market crash, as per on-chain analyst Maartunn.

Bitcoin and altcoins open interest
Bitcoin and Altcoins Open Interest

Long-term holders and whales are also selling. According to Onchain Lens data, a Bitcoin OG deposited 3,000 BTC into Hyperliquid and started selling it for USDC. The whale has sold 960.57 BTC for $116 million until now and holds 46,765 BTC worth $5.7 billion.

The current pullback is testing the market outlook, helping to reset leverage. It will be crucial to see where buyers step in and whether support levels attract renewed demand, as experts predicted a new ATH of $135K for Bitcoin.

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Massive Bitcoin, ETH, XRP, SOL, DOGE, XPL Crypto Liquidations

The crypto market saw a massive $700 million in liquidations, according to Coinglass data. Notably, nearly $550 million in long positions and $150 million in short positions were liquidated over the last 24 hours.

This is turning into a bigger crypto market liquidation amid no signs of buy-the-dip, with over $150 million in long positions as the largest liquidation in an hour.

More than 180K traders were liquidated in the last 24 hours, with the largest single liquidation order of BTC-USDT swap worth $8.74 million on crypto exchange OKX. As per data, ETH, BTC, SOL, XRP, DOGE, XPL, WLFI, ASTER, BNB, AVAX, and HYPE recorded the largest liquidations, causing a broader crypto market crash.

Crypto Market Liquidations
Total Crypto Market Liquidations. Source: Coinglass
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Crypto Market Crash Ahead of FOMC Minutes Release

The 10-year US Treasury yield holds around 4.13% after slipping in the previous sessions ahead of the FOMC Minutes release and comments from Fed officials, including Jerome Powell. The market expects another 25 bps Fed rate cut this month.

Also, the U.S. Dollar Index (DXY) is moving towards 99 today, hitting a 2-month high after recent declines that fueled market recovery. This happens amid concerns regarding the ongoing US government shutdown and global uncertainties have lifted demand toward safe-haven assets.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder is a seasoned leader in the fintech and crypto media with over 12 years of experience, including over 6 years dedicated to blockchain, crypto, and Web3 developments. He is known for covering high-impact and quality news stories for publishers such as CoinGape, The Coin Republic, and The Crypto Times, while perfecting and training multiple journalists during his tenure. Being a Master of Technology degree holder, analytics thinker, and tech enthusiast, he has shared his knowledge of disruptive technologies in over 5000 news articles and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.