Summary
- It reported that after President Trump’s announcement of retaliatory tariffs against China, the virtual asset market plunged.
- It stated that more than 1.5 million traders were forcibly liquidated over the past 24 hours, and a total of US$9.55 billion in positions evaporated.
- Bitcoin and Ethereum accounted for the majority of the overall liquidations, and it reported that this liquidation could be the largest ever in dollar terms.
After U.S. President Donald Trump announced retaliatory tariffs against China (對中), the virtual asset (cryptocurrency) market plunged, and more than 1.5 million traders were liquidated over the past 24 hours.
On the 11th (local time), CoinGlass data cited by The Block showed that a total of US$9.55 billion (about KRW 13.5 trillion) of open interest (Open Interest) evaporated during the day. Of this, about US$8 billion were long position liquidations and US$1.55 billion were short position liquidations.
Bitcoin (BTC) and Ethereum (ETH) accounted for the majority of the overall liquidations, with forced liquidations of US$1.37 billion and US$1.26 billion respectively.
Notably, on the HTX(formerly Huobi) exchange, a BTC/USDT position worth US$87.53 million—the largest single-trade liquidation—was liquidated. Some have said, "this liquidation could be the largest liquidation event on record in dollar terms."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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