Crypto Traders is betting on a steady Bitcoin
Rally got a sharp reminder of the heading risk of Donald Trump’s latest customs threats.
Over $ 300 million worth of geared derivatives were liquidated across centralized exchanges in the last four hours, according to Coinglass data when the crypto prices fell after the news.
Almost all liquidations came from long positions – traders who are betting at higher prices. BTC LONGS accounted for $ 107 million of the total amount while Ethereums ether
followed with close to $ 87 million. Other symbols including Solana’s sun, Dogecoin and SUI, then liquidations between $ 10 million and $ 18 million.
“Lovely overall flush of long leverage and de-risk that sells from the site,” noticed subsequent crypto trader skew in an X-post early Friday. “All driven by headings again.”
Sales came after Trump suggested a 50% duty on imports from the European Union, which started next month, along with a 25% Tariff on iPhones, which was produced outside the United States, which repeated fears of an escalating trade war.
As a result is BTC and larger altcoins such as ether
XRP, and Cardano fell 3% to 4%, while minor-cap-tokens like Uniswap and SUI dropped 5% to 7% over the last 24 hours.
Crypto Trader named James Wynn, who got attention recently, which opened a BTC long bet of $ 1.1 billion with 40x leverage on the hyperliquid exchange, also slipped underwater on the massive position. Currently, the trader sits of $ 7.5 million of unrealized losses and the position could be liquidated if BTC slides to $ 102,000, according to a screen shot on the X.
Interestingly, the long liquidations came in the midst of a recent unusual slope towards short positions in BTC derivatives despite record prices, Coindesk reported Thursday.
Read more: Why are Bitcoin dealers aggressively short -circuited as BTC hits new record high?
