Massive $677M Crypto Liquidation Hits Traders as Geopolitical Fears Roil Markets

Disclaimer: This article is for informational purposes only and does not constitute financial advice. BitPinas has no commercial relationship with any mentioned entity unless otherwise stated.

Heavy liquidations hit the crypto markets over the past 24 hours that wiped out nearly $677 million (₱38.6 billion) in trader positions as global instability continues to weigh on investor sentiment.

Key details

• Total liquidations: $676.82 million
• Number of traders liquidated: 171,828
• Largest single liquidation: $9.15 million on HTX (ETH-USDT)
• ETH led liquidations with $3.62 million, followed by FUN ($345.13K) and BTC ($330.71K)
• Long positions accounted for $595.38 million of the liquidations

Bybit, Binance, and OKX saw the most liquidations among exchanges, while ETH and BTC dominated the charts as the most impacted assets.

Exchange breakdown

• Bybit: $26.76 million in liquidations (55.05% long)
• Binance: $25.77 million (52.87% long)
• OKX: $15.85 million (64.65% short)
• HTX: $12.45 million (84.63% long)
• Gate: $11.44 million (56.57% short)

The 12-hour period prior to publication saw $622.79 million in liquidations, most of which affected long positions.

These movements coincided with geopolitical tensions in the Middle East and market jitters across both equities and commodities.

Market impact

• BTC dropped to a low of $102,220
• ETH fell below $2,270
• The broader crypto market cap slid to $3.16 trillion

The sell-offs also extended to meme coins and smaller-cap tokens, which include PEPE, DOGE, and FARTCOIN, which experienced sharp declines and liquidation events.

What Happened?

US Bombs Iran

U.S. President Donald Trump announced late on June 21, 2025, that American forces struck three major Iranian nuclear sites (Fordow, Natanz, and Isfaha) to dismantle Iran’s uranium enrichment capabilities.

A U.S. official confirmed B-2 stealth bombers and bunker-buster bombs were used, with U.S. military assets integrated into the operation.

Trump warned Iran of further strikes if it does not accept peace terms, stating the nuclear facilities have been “completely and totally obliterated”.

This article is published on BitPinas: Massive $677M Crypto Liquidation Hits Traders as Geopolitical Fears Roil Markets

What else is happening in Crypto Philippines and beyond?