$1.6B in Crypto Longs Liquidated as Market Selloff Deepens
In brief
- $1.8B in leveraged crypto positions liquidated in 24 hours, per CoinGlass data
- Long positions wiped out $1.6B; shorts accounted for $200M
- Top 10 cryptocurrencies fell 2–6% early Wednesday
- Largest single-day liquidation event since February 5
Market Collapse Across Major Cryptocurrencies
Major cryptocurrencies, especially in the top 10, nursed losses between 2% and 6% during the selloff. The liquidation event was swift and punishing. The drop marked the largest single-day wipeout since February 5, with $1.8 billion liquidated, according to CoinGlass.
The disparity between long and short liquidations underscored the directional bet that dominated the market. Longs took $1.6 billion of the total and shorts only $200 million, per CoinGlass data. This imbalance reflected the broader bullish positioning that had accumulated before the selloff triggered cascading forced closures.
Community Response and Market Context
Vet (Hussein Zangana), an XRP Ledger dUNL validator and Director of Community at the XRP Ledger Foundation, reacted to the selloff by highlighting the magnitude of the long position wipeout. The reaction underscored how quickly leverage can turn positions into losses when market momentum shifts.
Separately, the crypto space marked a milestone during the turmoil. XRP marked its anniversary on June 2, as 14 years ago, Arthur Britto committed the code that created the 100 billion XRP. Reacting to the milestone, Ripple CTO Emeritus David Schwartz wrote: "14 years ago, we got together with an idea to build a better way to move value. What happened next was something none of us could have built alone."
