Bitcoin’s wild price swings sent shockwaves through the crypto market, liquidating over $551 million in positions as the world’s top cryptocurrency spiked above $111,000 before settling back near $110,000. More than 162,000 traders were forced out in the last 24 hours, with long positions bearing the brunt of the pain.
This article covers the scale and causes of the liquidations, key data from top exchanges, what’s driving the volatility, and what traders are watching next as Bitcoin’s record run meets macro headwinds.
Record-Breaking Volatility and Massive Position Wipeout
According to Coinglass data, crypto derivatives traders saw $551 million in positions liquidated over the past day, with long trades accounting for roughly $395.5 million — nearly three-quarters of the losses. Shorts were not spared either, tallying $155.8 million in forced liquidations. The single biggest liquidation was a $9.53 million BTC-USDT swap on OKX.
- Total crypto liquidations: $551 million in 24 hours.
- Number of traders liquidated: 162,994.
- Largest single liquidation: $9.53 million BTC-USDT swap on OKX.
- Share of long liquidations: 72 percent.
Bybit traders suffered the most ($197.1 million in liquidations, 79% long), followed by Binance ($161.1 million) and OKX ($81.1 million). Ethereum futures added another $140.2 million to the margin call tally, as broad volatility swept through the altcoin market.
What Triggered the Bitcoin Reversal?
Bitcoin soared to a new all-time high above $111,000 on May 22, only to drop sharply to $107,000 and recover to $110,000 during London trading hours on Friday. The volatility was amplified by a combination of factors:
- Global macro tensions, as U.S. President Donald Trump threatened a 50% tariff on EU imports. The news rattled equity markets and spilled over into crypto, sending risk assets lower.
- Elevated funding rates and aggressive long positioning, with many traders betting on further upside ahead of the record print. When the market reversed, these crowded trades were rapidly unwound.
What’s Next for Bitcoin and Crypto Markets?
With funding rates still elevated, traders are now watching closely to see if these flip negative — often a signal of short-term capitulation. The $105,000–$107,000 support zone, carved out during early May trading, remains a key level for Bitcoin. Should prices drop below, further liquidations and volatility could follow.
Macro events continue to loom large: traders are eyeing the upcoming U.S. PCE inflation data due May 30 and potential developments in the ongoing U.S.-EU tariff dispute for clues on risk sentiment and market direction.
“The unwind followed Bitcoin’s surge to a fresh all-time high above $111,000… and then back to $110,000 during London trading on Friday.”
- Longs remain vulnerable if the market fails to reclaim recent highs.
- Shorts could be squeezed if risk appetite returns and macro headwinds ease.
- Market eyes are fixed on both technical support and global economic headlines for the next major move.
As crypto volatility remains elevated and macro risks persist, traders should brace for more wild swings — and manage risk accordingly.
