Bitcoin Bloodbath: $16 Billion in Longs Liquidated as Leverage Unwinds Globally

Bitcoin plunged sharply on Friday, triggering the largest liquidation event in crypto history, with more than $16 billion in long positions wiped out across exchanges as leveraged traders faced cascading margin calls.

The crypto market faced a brutal correction after weeks of overheated momentum. According to Coinglass, roughly $16.2 billion in long positions were liquidated within 24 hours, marking the most severe wipe-out since the May 2021 crash.

Bitcoin briefly sank to $108,400, Ethereum fell under $3,800, and dozens of altcoins saw double-digit losses. Analysts blame excessive leverage combined with a sudden macro shock: renewed U.S. trade tensions and an aggressive risk-off move in equities.

Macro trader Alex Krüger commented, “It’s not just crypto — this was a total deleveraging event across risk assets.” Derivatives funding rates turned deeply negative on Binance, OKX, and Bybit as traders raced to close positions.

Despite the carnage, several institutions reportedly used the drop to re-accumulate BTC near $110 K. On-chain data from CryptoQuant shows stablecoin inflows rising by $2.1 billion, a potential signal of fresh buying power entering exchanges.

While the move stunned retail investors, veteran traders view it as a “healthy reset” that clears speculative excess before the next leg higher.

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