Today, June 23, 2025, the cryptocurrency market experienced significant liquidations totaling $640.10 million in the past 24 hours according to data from Phoenix Group.
Panic Selling Amid Geopolitics
Panic selling driven by U.S. military attacks on Iran's nuclear facilities triggered such significant liquidations. The sell-offs caught long traders off guard as most liquidations came from long positions.
Leaders in Liquidations: BTC and ETH
According to the report, Bitcoin led the market sell-off with $238.59 million liquidated. Ethereum followed with $193.35 million in liquidations. Other cryptocurrencies such as Solana and XRP also faced significant losses, amounting to $27.68 million and $21.60 million respectively.
Exchanges with Highest Liquidations
The highest liquidation volumes were recorded on the ByBit platform with $255.31 million liquidated, with 80.70% coming from long positions. Binance and Gate.io also reported significant liquidations at $140.30 million and $96.75 million respectively.
The massive liquidations in the cryptocurrency market serve as an indicator of sharp shifts in investor sentiment, which may lead to price consolidations in the near future. Currently, Bitcoin is trading at $101,392, down 5.1% over the past week.
