A sharp wave of selling hit the crypto market late on June 24, Taipei time. Bitcoin slipped below $61,000 and briefly fell to $60,892, while Ether lost the $1,650 level and touched $1,638. The sudden move quickly spread into derivatives markets and triggered heavy liquidations.
CoinGlass data showed that over the last 24 hours, a total of 88,573 traders were liquidated across the market. The combined liquidation value reached $325 million. Long positions took the biggest damage as the sell-off unfolded in a short window and caught leveraged traders off guard.
Nearly $215 million liquidated in four hours
The most intense pressure was concentrated in the latest 4-hour stretch, when total liquidations climbed to nearly $215 million. Of that amount, long liquidations accounted for $186 million. The figures point to a market that had been leaning bullish before prices turned lower in quick succession.
The largest single liquidation was recorded on OKX in the BTC-USDT-SWAP pair, with a value of $2.44 million. As Bitcoin and Ether broke through nearby support levels at the same time, leverage across the market was forced out rapidly, pushing liquidation totals higher within hours.
Bitcoin and Ether both lost key levels
Price action in the two largest cryptocurrencies set the tone for the broader market move. Bitcoin pierced the $61,000 mark before printing a low at $60,892. Ether, under pressure at the same time, fell through $1,650 and hit $1,638. With both assets dropping together during late trading hours, margin pressure increased quickly for traders who were unable to adjust positions in time.