A massive wave of cryptocurrency liquidations swept through the market over the past 24 hours. This has resulted in $320 million in losses for 128,293 traders. The sharp downturn caught many off guard, with Bybit recording the largest single liquidation order, a $10 million Bitcoin position. This event underscores the exchange’s significant role in high-stakes crypto trading.

Long Traders Face Heavy Losses as Crypto Liquidations Surge

A huge majority of these liquidations consist of long positions, making up 88.01% of all liquidations. This means that traders betting on a price increase were overly confident amidst the market’s instability.

Bitcoin saw the highest liquidation volume at $93.79 million, followed by Ethereum with $71.33 million. Other popular assets weren’t spared either, as XRP and Solana recorded liquidations of $20.88 million and $13.14 million, respectively, according to the liquidation heatmap.

Binance, a leading exchange, reported the highest total liquidations at $123.38 million, with 89.12% of those being long positions. This highlights Binance’s dominance in trading volume.

Bitcoin Drops Below $85K Amid Profit-Taking and Regulatory Uncertainty

The liquidation event comes on the heels of a recent Bitcoin price drop, which saw the cryptocurrency fall below $85,000 after failing to hold a rally above $90,000 earlier in March 2025. Market analysts point to profit-taking by large investors.

Trending Now: Bitcoin Completes Channel Breakout to Trade at About $83,863

Additionally, uncertainty surrounding upcoming U.S. regulatory decisions on cryptocurrency, expected in April 2025, has added to the market’s unease. The high percentage of long liquidations indicates that many traders were unprepared for the sudden reversal.

Historical data from CoinGlass reveals that this is the largest liquidation event since December 2024, when $400 million in positions were wiped out during a similar market correction. The current wave of liquidations serves as a stark reminder of the risks of leveraged trading in the crypto space. As the market continues to navigate these turbulent conditions, traders are left to reassess their strategies in the face of ongoing uncertainty.