Bitcoin and Ethereum long positions were hardest hit, with over 1.6 million traders affected across major exchanges.
Roughly $19 billion in leveraged crypto positions were liquidated following a brutal sell-off that sent Bitcoin tumbling to $102,000. It was the largest single-day wipeout ever recorded in digital asset markets, according to CoinGlass data.
Most of the liquidations came from long positions, which totaled $16.6 billion in losses, compared to $2.4 billion for shorts.
Over 1.6 million crypto traders were liquidated across major exchanges, with Bitcoin and Ethereum long positions severely impacted during Friday’s US trading sessions.
The liquidation cascade was triggered after President Donald Trump proposed a massive tariff increase on Chinese imports, followed shortly by an announcement of a 100% tariff on Chinese goods in response to China’s planned export restrictions on rare earth minerals.
Bitcoin plunged from above $122,000 to around $102,000 on the news. Ethereum dropped below $3,500, while smaller-cap altcoins saw double-digit losses amid evaporating liquidity.
At the time of writing, Bitcoin traded above $113,000 after recovering from earlier lows but remained below its daily high of $122,500, according to CoinGecko data.
