Crypto liquidations totaled $657.9 million over the past 24 hours, as the broader market slid.
Ethereum (ETH) accounted for the bulk of total liquidations, with traders betting on further upside taking the biggest losses in the latest wipeout.
Ethereum, Bitcoin Longs Drive Monday’s Crypto Liquidation Wave
According to data from Coinglass, roughly 106,371 accounts were liquidated over the past day. Long positions absorbed roughly 89% of the damage, with $584.38 million wiped out.
Meanwhile, short bets lost just $73.52 million, showing a one-sided flush of leveraged bulls.
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Ethereum took the heaviest hit by the asset, with $256.83 million in long positions wiped out. Meanwhile, Bitcoin recorded $180.89 million in liquidations. Together, the two largest cryptocurrencies accounted for roughly two-thirds of the day’s total.
The single largest liquidation order occurred on Bitget. An ETH/USDT perpetual contract worth $28.49 million was wiped out.
Risk-Off Mood Sets In After Trump Iran Warning
The liquidation wave hit alongside notable price declines across the crypto market over the past 24 hours. The drop was not entirely unexpected.
BeInCrypto previously flagged the possibility of a risk-off Monday after President Donald Trump signaled possible US strikes on Iran.
The total crypto market capitalization slipped roughly 0.93% over 24 hours to around $2.65 trillion. Bitcoin dropped below $77,000, extending weekly losses to 5.59%.
Ethereum slid under $2,120 and is down 9.98% on the week. Solana (SOL) led the broader decline, falling 11.22% over the past 7 days to $84.94.
Trump is expected to convene a Situation Room meeting on Tuesday to review military options against Iran. Further escalation could trigger more volatility across leveraged crypto positions.
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Read the Original story Crypto Long Liquidations Hit $584 Million in 24-Hour Sell-Off by Kamina Bashir at beincrypto.com
