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The cryptocurrency market experienced a massive liquidation wave over the past 24 hours, with more than 223,300 investors liquidating their positions, totaling over $980.9 million.

Near $1 Billion Daily Liquidation in Crypto Market: Overly Leveraged Long Positions Rattled by Macro Concerns

According to data shared by Coinglass, these liquidations were largely caused by over-leveraged long positions.

According to experts, since the disclosed data only includes publicly available data, the actual amount of liquidation is probably higher than this figure.

Kronos Research CIO Vincent Liu evaluated this sharp decline as follows:

“The $980 million liquidation event was a perfect storm of Trump-Musk tensions, macroeconomic fears about tariffs, and an overleveraged market. The inherent fragility in crypto markets caused automated liquidations to quickly turn into a chain reaction, turning a sentiment-based pullback into a flash market crash.”

While $876.2 million of the total liquidation came from long positions, the cryptocurrency most affected was Bitcoin. On the BTC side, $341.7 million worth of liquidation occurred. Approximately 90% of this amount originated from long positions.

Ether (ETH) came in second with $285.6 million in liquidation. Solana (SOL), XRP, and Dogecoin (DOGE) were among the other major altcoins where significant positions were liquidated.

According to Vincent Liu, the sharp declines in BTC and ETH caused excessive optimism in the market to work against investors:

“Investors who used excessive leverage were caught off guard by the sharp corrections in Bitcoin and Ether, which led to bullish sentiment accelerating the market crash.”

Trump-Musk Conflict and Macro Developments Were Effective

Cryptocurrency prices have gained momentum in recent weeks, allowing Bitcoin to reach an all-time high of $111,800. However, the correction process that followed this peak accelerated after the social media debate between US President Donald Trump and Elon Musk.

Markets have been on edge after Musk’s harsh criticism of Trump’s tax and spending bill, calling it a “disgusting disgrace.” Bitcoin briefly fell below $100,000, its lowest level since early May, but has recovered to $103,333 by press time.

Nick Ruck, Director of LVRG Research, commented on the background of the decline as follows:

“Bitcoin’s price had been hovering around support levels since its peak two weeks ago. Investors were nervous about possible corrections. The dispute between Trump and Musk triggered widespread liquidations, raising concerns about potential mutual sanctions.”

Investors are now looking ahead to U.S. employment data and consumer price index (CPI) data due June 11. These data could be important catalysts for the next big price move, Kronos CIO Liu said.