At 03:00 UTC today, crypto markets experienced a synchronized wick: Bitcoin plunged from $77,800 to a low of $76,201, Ethereum to $2,081, SOL to $83.78, and XRP to $1.3638. Four coins bottomed within the same minute and then staged a V-shaped recovery. By 09:08 UTC, BTC rebounded to $77,110 (24h -0.02%), while ETH surged to $2,136 (24h +0.99%), leading the rally among majors. The long-short landscape flipped dramatically within hours.
$307M Liquidated in 24 Hours, 72,317 Traders Hit
According to CoinGlass, total futures liquidations in the past 24 hours reached $306.82 million, affecting 72,317 traders. Long liquidations accounted for $204.81 million (66.75%), shorts $102.01 million (33.25%). The single largest liquidation was a $4.96 million ETH-USDT position on HTX.
The Squeeze Story: 12-Hour Long Washout Turns into 4-Hour Short Squeeze
The real story lies in the time-frame breakdown. Over 12 hours: liquidations totaled $215.65 million, with longs at $152.56 million, or 70.7% — a targeted washout of leveraged long positions. In the last 4 hours: total liquidations dropped to $27.6 million, but shorts made up $24.52 million, or 88.85%. In the last hour: $8.9 million liquidated, shorts at 91.6%, squeeze intensifying. The script: first a long liquidation cascade via wick, then a sharp V-reverse to trap late short sellers — a textbook trap.
Catalysts: Trump Warns Iran, ETF Outflow Ends 6-Week Streak
Overnight Eastern Time, President Trump publicly warned of possible military action against Iran, pushing oil prices to $108 and pressuring risk assets broadly. On the capital flow side, Bitcoin spot ETFs recorded a net outflow of $1.039 billion in the week of May 11-15, breaking a six-week inflow streak. Additionally, Fed Chair Powell's term ended on May 15 with no successor named; the 10-year Treasury yield climbed to a one-year high, further curbing risk asset valuations.
Other Majors: SOL Turns Positive, XRP Nears Flat
SOL bounced from $83.78 low to $85.56 (24h +0.40%), with a 24h high of $85.97. XRP recovered from $1.3638 to $1.392 (24h -0.11%), cutting losses to near flat.
Market Sentiment: Extreme Fear at 25; Can Rally Hold?
The Crypto Fear & Greed Index dropped to 25 (Extreme Fear), down 3 points from 28. Historically, extreme fear often coincides with oversold conditions, sometimes a contrarian buy signal. U.S. stocks closed mixed on May 18: Dow +0.32% to 49,686, S&P 500 -0.07% to 7,403, Nasdaq -0.51% to 26,090, tech pressured by rising yields. Key watchpoints: (1) Can bulls defend $77,000 to confirm V-support; (2) Will ETH's leadership spark altcoin rotation; (3) Fed chair succession news; (4) ETF flows turning positive this week as a confidence gauge.