Crypto market liquidations top $432 million as leveraged longs collapse

On July 17, a sharp sell‑off hit the cryptocurrency market, triggering over $432 million in liquidations across major exchanges. More than 100,000 traders were forced to close positions, with long contracts bearing the brunt—about $365 million in long liquidations versus $67 million in shorts, a roughly 5.5 to 1 ratio.

The downturn coincided with a broader Asian equity market pullback, as Japan’s Nikkei and South Korea’s KOSPI fell 5‑6 %. Bitcoin, Ethereum, XRP, DOGE and other major tokens dropped between 3 % and 10 %. Options expiry on Deribit saw $1.45 billion in Bitcoin and Ethereum contracts settle, adding further pressure. While the crypto market’s total capitalization fell sharply, Bitcoin remained above the $60,000 support level.

Analysts note that such liquidation spikes have recurred throughout 2026, underscoring the risks of high leverage in volatile digital‑asset markets.