On June 25 at 02:25 UTC, crypto markets faced another wave of selling. Bitcoin breached the $60,000 psychological level, while Ethereum lost the $1,600 mark. The sharp moves triggered massive forced liquidations across derivatives exchanges.
$653M Liquidated, 138,000 Traders Hit
CoinGlass data shows total liquidations in the past 24 hours reached $653 million, double the $325 million from the previous day. A total of 138,796 traders were liquidated, with longs bearing the brunt of the losses. The sell-off also caught some shorts, creating a two-way squeeze.
Binance Records $12.01M Single Liquidation Order
The largest single liquidation occurred on Binance's BTC-USDT pair, valued at $12.01 million. This size of order suggests a whale or institutional player was caught without adequate margin. With the $60,000 support gone, traders are watching for further cascading liquidations and potential liquidity dry-ups.