To Panic or Not? $700M Wiped In Few Hours as BTC Drops to $114K

The market has recorded massive crypto liquidations over the past few hours amid a broader downtrend. According to data from Coinglass, liquidation soared to over $700 million in the last 24 hours.

The wipeout follows bitcoin’s drop to the $114,000 support level. The pioneer cryptocurrency dropped over 3% in the past 24 hours, fuelled by profit-taking and other macroeconomic factors.

Altcoins joined the downtrend, with Ethereum dropping by 6.44% while Solana fell by over 5%. The collapse triggered a cascade, liquidating long and short positions as traders faced rapid margin calls and stop-loss executions.

Ethereum Leads Liquidation Chart

The altcoin Ethereum led the latest wave of liquidations with a total of $227.37 million in positions wiped out. This includes $213.15 million worth of long-term and $15.96 million. Trailing ETH is bitcoin, with losses amounting to approximately $179 million.

Solana traders suffered substantial liquidations following a broader market downturn. About $42 million in long positions were affected, and $1.76 million in short positions. SOL changes hands at $168.55 at the time of writing.

Meanwhile, long traders suffered the most, with $707.19 million in long positions liquidated. Short positions recorded a few amounts totalling $51.43 million. Notably, a total of 184,823 traders were liquidated in the past 24 hours, contributing to a cumulative loss of $758.73 million. The largest single liquidation order occurred on Binance, involving an ETHUSD_PERP position valued at $13.79 million.

Tariffs Shake Crypto Markets

The broader crypto market downturn followed the U.S. tariff announcement. On late Thursday, President Donald Trump signed executive orders imposing sweeping new tariffs ranging from 10% up to 41% across dozens of countries. The move rattled global markets, including equities and crypto, triggering profit-taking and contributing to widespread liquidations as price declines accelerated.

Despite the current market volatility, analysts remain bullish on the long-term structure of the market. Market experts note that the price dip highlights how sensitive markets remain to major macro shifts, particularly those involving trade and inflation.

Although August is historically a bearish month for Bitcoin, analysts believe that strong institutional demand will continue to absorb supply. This consolidation phase could pave the way for a fresh breakout heading into Q4.