The crypto market experienced $173.03 million in leveraged liquidations over the past 24 hours, with long positions accounting for 67.7% of the total. Tether also froze four wallets containing $131 million USDT on the TRON network, adding to risk-off sentiment amid Middle East tensions and U.S. sanctions.
$173 Million in Liquidations Shake Market
Data shows $117.1 million in long positions and $55.92 million in shorts were forcibly closed. Bitcoin saw $66.41 million in liquidations, while Ethereum followed with $51.62 million, indicating that major assets bore the brunt of the deleveraging. Over the most recent four-hour window, total liquidations reached $34.33 million, with short positions dominating — suggesting a short squeeze occurred after the initial drop.
Binance accounted for 53.72% of four-hour liquidations at $18.44 million, reflecting a broad market-wide repositioning rather than an isolated event. Hyperliquid recorded $7.54 million in liquidations, with longs prevailing there, contrasting with Binance where shorts were more heavily liquidated.
Prices Rebound but Caution Persists
Despite the shakeout, spot prices recovered. Bitcoin traded at $64,741.80, up 3.54% on the day, while Ethereum rose 5.27% to $1,874.84. Major altcoins also gained: XRP climbed 3.73%, Solana 3.86%, Dogecoin 3.02%, BNB 1.94%, and Hyperliquid 5.83%. However, the rebound is seen as a repositioning move rather than a confirmed trend reversal.
Bitcoin dominance edged up 0.20 percentage points to 58.44%, while Ethereum's share fell 0.20 points to 10.18%, signaling capital flowing back to BTC as a safe haven. Total 24-hour spot volume hit $72.69 billion, with derivatives volume surging 45.04% to $918.45 billion, reflecting heightened speculative and hedging activity.
Geopolitical and Regulatory Headwinds
The U.S. Central Command announced new airstrikes against Iran-linked targets, while Iran's Revolutionary Guard warned that continued attacks could halt all oil and gas exports. Such tensions weigh on risk assets, including cryptocurrencies.
The U.S. Treasury's OFAC added multiple blockchain addresses — including Bitcoin, Ethereum, Solana, Dogecoin, and TRON — linked to Cuba's regime to its sanctions list. Separately, Tether froze four TRON wallets holding $131 million USDT, highlighting how stablecoin liquidity can be directly affected by regulatory actions.
Institutional Moves and Stablecoin Supply
On the policy front, the U.S. and the U.K. issued a joint statement on digital asset cooperation, outlining a roadmap for stablecoins and tokenized assets. Japan's lower house advanced a bill to reclassify Bitcoin and crypto ETFs for a floor vote. Morgan Stanley also filed amended documents for Ethereum and Solana ETF products, signaling continued institutional infrastructure development.
Circle minted an additional $750 million USDC on Solana, bringing cumulative Solana-based USDC issuance to approximately $69.01 billion in 2026. This increase in dollar-denominated liquidity on specific chains suggests growing on-chain financial activity.
The day's events — $173 million in liquidations, defensive capital rotation, sanctions, and geopolitical jitters — paint a picture of a market in cautious realignment rather than aggressive risk-taking.