Arkham Intelligence data reveals that the surge started from Binance’s hot wallet with 15,944 BTC (around $1.05 billion). Bybit saw $897 million, Bitfinex $814 million outflows. Kraken, Coinbase, Wintermute, and FalconX also executed hundreds of millions worth of transfers within the same 30-minute period.

Over 154,000 traders were liquidated, with total losses reaching $522 million. This wave of selling reflects a pattern that has repeated three times before.

Operation Epic Fury and Regional Chaos

The U.S. and Israel launched a joint operation, named “Operation Epic Fury” by the Pentagon. Israeli Defense Minister Israel Katz confirmed a “preemptive strike,” while former President Trump announced via Truth Social that the U.S. had initiated “large-scale combat operations.”

Iran retaliated, targeting the Al Udeid Air Base in Qatar, the U.S. Fifth Fleet in Bahrain, and certain military installations in Kuwait and the UAE. Explosions occurred in Dubai and Abu Dhabi, with one fatality caused by debris from intercepted missiles. UAE airspace was closed.

This backdrop makes it harder to interpret sudden, large Bitcoin outflows. The same wallets had already been identified in previous 30-minute spikes.

History Repeats: October 2025 and Previous Moves

On October 10, 2025, on-chain analysts reported that Wintermute transferred $700 million to Binance hours before $19 billion in leveraged long positions were liquidated. This crash coincided with Trump’s announcement of a 100% tariff on China.

Two weeks earlier, $2.5 billion in BTC was sold within 30 minutes. These sales were also linked to Binance, Coinbase, and Wintermute wallets. Wintermute CEO Evgeny Gaevoy dismissed the claims, saying it was “a sudden crash in a low-liquidity, leveraged market affected by macro news on a Friday night.”

Former CFTC regulator Salman Banaei had a different view: “Regulators should launch an investigation into what happened on October 10, 2025.” Exchanges have not commented on today’s outflows.

Bitcoin Technical and Psychological Levels

Bitcoin still trades 49% below its $126,000 all-time high. The Crypto Fear & Greed Index stands at 14. Key support is at $63,100; a breach could trigger Deribit’s 5,200 BTC open put positions toward $60,000.

Historical data shows potential recovery. After Iran’s missile attacks in April 2024, BTC dropped to $61,000 before reaching new highs. Israel’s strike on Iranian nuclear facilities in June 2025 pushed BTC down to $103,000, but it rose above $125,000 by October.

The market remains fragile. According to CryptoQuant, U.S. spot Bitcoin ETFs are net sellers this month. The short-term direction remains uncertain.

Micro Perspective: Exchanges and Liquidation Traps

Some analysts argue that these rapid outflows aren’t genuine selling but exchange-driven liquidation events. Binance, Coinbase, and Wintermute wallets appear to trigger instant liquidations to manipulate market moves. The pattern is consistent: keep major holders calm, force thin order books, trigger stops, and enforce liquidations.

Smart investors monitor on-chain flows to separate real movement from engineered ones.

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Market analysts consider this movement a short-term correction and advise investors to remain prepared for volatility. The decline in Bitcoin prices coincides with global economic uncertainties and developments in US-China trade negotiations.

Critical Update on US-China Trade Talks

US Treasury Secretary Scott Bessent stated that the Trump administration aims to finalize a rare earth trade deal with China by November 27. Bessent expressed confidence that China will honor the agreement. This announcement marks a significant milestone in US-China trade relations.

The deal framework currently suspends the implementation of tariffs of up to 100% on goods imported from China. In return, China has agreed to postpone the licensing regime for rare earths and magnets throughout the year. This development is crucial for global technology and defense industries.

Rare Earths and Global Market Impact

Rare earths play a vital role in electronics, electric vehicles, and defense industries. A US-China agreement could strengthen supply chain security, providing a key reference point for technology companies and investors.

By suspending the threat of tariff hikes on critical imports, the US helps reduce global market uncertainty and ensures trade stability. The deal is expected to be completed by the end of the year.

Economic and Political Implications

Experts suggest that finalizing the deal could ease trade tensions between the US and China. Furthermore, securing a reliable supply chain for rare earths offers a critical advantage for technology companies.

Bessent stated, “I am confident that China will honor their agreements,” sending a positive signal regarding ongoing negotiations between the two nations. This statement is considered an important reference for both the US and global economy.

Key Highlights:

• Bitcoin (BTC) dropped to $94,000, down 2.08% in the last 24 hours.

• $100 million worth of long positions were liquidated in the past 60 minutes.

• US-China rare earth trade deal targeted to be finalized by November 27.

• The US suspends tariffs of up to 100% on imported goods from China.

• China agrees to postpone rare earth export licensing throughout the year.

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The largest single liquidation occurred on the Hyperliquid exchange in the BTC-USD pair, amounting to $6.31 million. This data highlights once again the risks associated with high-leverage trading in the Bitcoin market.

Ethereum and Bitcoin Lead Liquidations

Ethereum (ETH) positions saw $50.04 million in liquidations, while Bitcoin (BTC) positions accounted for $26.14 million. These two major cryptocurrencies made up the bulk of total liquidations. Additionally, Solana (SOL) recorded $18.77 million, and BNB had $4.51 million in liquidations, drawing attention in the market.

Crypto liquidation data shows that the market is vulnerable to sudden price movements. Leveraged trades in the altcoin market, in particular, have contributed significantly to these liquidations.

Long Positions Under Pressure

The liquidation ratio in long positions reached 73%. In the last four hours, $302.61 million was liquidated, with $220.89 million coming from long positions and $81.72 million from short positions. This indicates that price corrections are primarily targeting leveraged long positions.

A “long squeeze” effect has been observed among investors, and some market analysts suggest this may result in a short-term consolidation in Bitcoin prices.

Hyperliquid and Bybit Top Exchanges in Liquidations

The largest liquidation volumes among exchanges were observed on Hyperliquid:

• Hyperliquid: $128.68M → 54.7% short-heavy

• Bybit: $59.43M → 97.1% long-heavy

• Binance: $56.13M → 92.6% long-heavy

• Gate.io: $23.97M → 97.1% long-heavy

• OKX: $23.02M → 86.9% long-heavy

The short-heavy position on Hyperliquid suggests that traders on this platform use different leverage strategies, while the long-heavy positions on Bybit and Binance indicate a market sentiment primarily driven by bullish expectations.

What Do Crypto Liquidation Data Mean?

According to CoinGlass liquidation maps, this recent massive wave of liquidations shows that the market is being cleared of excessive leverage. Such movements usually signal that the market is seeking balance after short-term corrections.

Experts note that crypto liquidation data is an important indicator for investors, reflecting the market’s “cleanup” phase. However, as long as leveraged trading continues, the risk of liquidation remains.

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Why Are Ethereum and Altcoins Falling?

Ethereum dropped 2.3% today, trading at $4,300. It lost 6.2% over the week. The Ethereum Foundation’s deposit of 10,000 ETH ($42.7 million) to Kraken sparked the decline. Additionally, whale sell-offs and shifting investor sentiment pressured the market. However, the fear and greed index shows neutral sentiment. This did not shield ETH and other altcoins from the downturn.

World Liberty Financial (WLFI) also faced a sharp decline. Despite Trump family backing, WLFI fell 50% from its peak. Today, it dropped 8% to $0.2238. Token unlocks triggered investor sell-offs. Meanwhile, WLFI’s market cap stands at $5.54 billion. This reflects broader market pressure.

PythNetwork (PYTH) also saw a downturn. After nearly 100% gains in a day, PYTH fell 3.84% today. Mixed technical signals and profit-taking drove the decline. Still, PYTH remains up 37% weekly. Finally, Bonk (BONK) meme coin lost 1% today. A wallet linked to Galaxy Digital transferred 510 billion BONK to an exchange, increasing sell-off pressure.

How FOMC and Economic Data Impact the Market

The crypto market fluctuates with U.S. economic data releases this week. The JOLTS report comes today, followed by unemployment claims tomorrow and non-farm payrolls on Friday. These reports will influence Fed interest rate decisions. Moreover, $242 million in crypto positions were liquidated, affecting 107,700 investors.

Ethereum long positions saw $43 million in liquidations, followed by Bitcoin at $21.73 million.The market shows mixed trends. Bitcoin and XRP rise, while ETH, WLFI, and PYTH decline. This divergence stems from varying investor sentiments. Ultimately, volatility increases ahead of the FOMC meeting. Investors focus on economic data and Fed outcomes. 

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Trader’s Gains and Collapse 

According to Lookonchain, the trader compounded profits on Hyperliquid, growing the account to $29.6 million. They held a 66,749 ETH position, valued at roughly $303 million. Two days ago, the trader closed the longs, locking in $6.86 million profit and leaving $6.99 million in account equity. 

However, the trader quickly re-entered the market with another large ETH long. The market then reversed, resulting in a disaster. $6.22 million worth of positions were liquidated, erasing nearly four months of gains in under 48 hours. The account balance now stands at $771,000. 

https://twitter.com/lookonchain/status/1957342058802487525

Ethereum Dip Buying Opportunities 

Analyst Michaël van de Poppe sees the current pullback as an accumulation chance. He identifies the $4,100–$4,200 zone as ideal for dip buying. He expects at least a 10% rebound from this level. Ethereum’s volatility is likely to decrease soon, paving the way for a new accumulation phase. 

Meanwhile, Kiyotaka data shows strong resting buy orders down to $3,900. These accumulation zones indicate high buyer interest if ETH declines further. Disciplined dip buyers could benefit significantly from this pullback. 

 This case demonstrates the risks of aggressive ETH longs. However, the market still offers strategic opportunities for careful traders. 

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Details and Impact of the Liquidation 

According to data, $200 million of the total liquidation came from short positions. This indicates a bullish move contrary to the prevailing bearish expectations. A large portion of investors believed prices would drop, but unexpected price surges triggered the closure of short positions. 

Bitcoin’s rise to $116,466 and Ethereum reaching $3,810 accelerated this liquidation process. The largest single liquidation occurred in the HMX-ETH-USDT pair, resulting in a loss of $34.28 million in one transaction. 

Key Takeaways for Crypto Investors 

This event serves as a warning for crypto investors, highlighting the high volatility of the market once again. Excessive leverage usage is the primary cause of such large liquidations. Therefore, risk management is more crucial than ever. 

Long-term strategies are considered safer compared to short-term speculation, especially in leveraged trading. Following overall crypto market trends instead of reacting to instant price moves is a more rational approach. Carefully monitoring market developments is essential for making informed decisions. 

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Analyzing the liquidations reveals that $366 million of losses came from long positions. Meanwhile, $151.51 million worth of liquidations occurred in short positions. This distribution indicates that the overall market direction reversed unexpectedly. The largest single liquidation happened on the OKX exchange at the BTC/USDT swap pair. In this trade, a $17.35 million position was liquidated. At the time of writing, Bitcoin is trading around $114,760. 

Long Positions Took a Major Hit 

The data shows that investors holding long positions suffered significant losses. In just the last 12 hours, $287.43 million worth of long positions were liquidated. During the same period, the total loss on short positions was limited to around $32.85 million. This situation reveals that most traders took positions expecting a price increase, but prices moved in the opposite direction. 

Meanwhile, the total liquidation over the last 4 hours was recorded at $48.18 million. Of this amount, $29.05 million came from long positions and $19.13 million from short positions. Within the last 1 hour, $14.7 million worth of positions were liquidated. Long traders were again the most affected, with $9.9 million in long positions wiped out, while short traders lost $4.79 million. 

What Does This Liquidation Wave Mean? 

These liquidations impact not only individual investors but also professional traders. Positions using high leverage are quickly wiped out during sudden price moves. Bitcoin faced intense selling pressure during this period, and other major cryptocurrencies similarly declined. 

However, such large liquidations often lead to temporary price relief. Still, investors need to be cautious, manage their leverage levels carefully, and keep stop-loss strategies active. Volatile days like these demonstrate how quickly market sentiment can shift.

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According to blockchain analytics firm Lookonchain, Qwatio opened $55 million worth of Bitcoin (BTC), $36 million worth of Ethereum, and $7.3 million worth of Fartcoin positions. All of these positions were short. However, the market’s sharp rise quickly liquidated the trader’s positions associated with wallet code 0x916E. 

Detailed Losses According to Lookonchain Data 

Lookonchain revealed that Qwatio first lost 16.28 million USDC. Then, to increase his leveraged position, he deposited another 10 million USDC to Hyperliquid. Yet, the rise in Bitcoin and Ethereum prices turned his short-selling strategy into a disaster. 

Gambler @qwatio's massive short positions worth $334M were fully liquidated in just 3 hours, including: 1,743 $BTC ($211M), 33,743 $ETH ($102.3M), and 15M $FARTCOIN ($20.6M).

His wallet (0x916E) is now down nearly $25.84M in total losses. https://t.co/RwVCmLe4rK pic.twitter.com/Ed1jXyaYEY

— Lookonchain (@lookonchain) July 14, 2025

Qwatio’s total $334 million short position was liquidated within just 3 hours. The liquidations included 1,743 Bitcoins valued at $211 million, 33,743 Ethereum worth $102.3 million, and 15 million Fartcoins worth $20.6 million. These liquidations resulted in a total loss of $25.8 million. 

Crypto analytics platform EmberCN highlighted that the trader’s previous $26 million profit was nearly wiped out by these two short positions. 

Profits During Trump Era and Subsequent Decline 

Qwatio’s success started with “long” trades opened before former US President Donald Trump’s “crypto reserve” announcement in March 2025. During this period, the trader earned $6.8 million and made another $3.5 million from MELANIA coin. 

However, at the end of June, he experienced 8 liquidations, losing $12.5 million. With the recent loss, his total losses have approached $38 million. 

Other Leveraged Traders Also Impacted 

Bitcoin’s rapid rise affected not only Qwatio but many traders with short positions. Approximately $600 million worth of leveraged positions were liquidated in the last 24 hours. 

One of them was James Wynn. Wynn opened a short position betting Bitcoin would fall but lost his entire $100 million investment. This highlights the risks traders face when using high leverage in volatile markets. 

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The aftermath? A dramatic wave of long position liquidations, steep price drops, and renewed fears over stability in the Middle East.

Ethereum Leads Selloff Amid $701M Market Liquidation

According to data from CoinGlass, total crypto market liquidations exceeded $701 million, with $618 million consisting of long positions. In the last 24 hours, Ethereum saw $296 million in liquidations, including $269 million in longs—making it the hardest-hit asset among the top 20 coins.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

thereum fell by 7.4% to $2,260, while Cardano dropped 7.1%. Bitcoin, by contrast, remained relatively stable, down 1.4% at $102,418. Overall, the global crypto market cap fell by 4.4%, reaching $3.25 trillion, according to CoinGecko.

Prediction Markets Turn Bearish on Ethereum and Iran Tensions

On decentralized prediction platform Myriad, user sentiment shifted sharply bearish on Ethereum, with over 70% expecting it to drop below $2,000 by year’s end.

Meanwhile, on Polymarket, odds that Iran will close the Strait of Hormuz before July jumped to 46%, up from just 9% a day earlier. The probability of closure by year-end reached 57%. However, the chance of the United States formally declaring war on Iran remained low at 2%.

The strikes were carried out using B-2 bombers and submarine-launched Tomahawk missiles, targeting enrichment facilities in Fordo, Natanz, and Isfahan. In a national address, President Trump warned that “any retaliation by Iran will be met with force far greater than what was witnessed tonight.”

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Alpaca Finance will gradually close all its products. Users will be able to withdraw their assets from the platform until December 31, 2025. The front-end access will remain available until that date. 

Reasons for Alpaca’s Shutdown 

Launched without pre-sales, VC investments, or pre-mining, Alpaca Finance relied entirely on protocol usage for revenue. However, its Total Value Locked (TVL), which was over $900 million at the start of 2022, dropped to $54.6 million by 2025. User numbers declined, transaction volumes fell, and funds flowed out. The platform didn’t just offer yield farming; it also launched a stablecoin named AUSD, developed automated vaults, and created a perpetual trading platform called Alperp. However, user interest in these services was insufficient. 

Binance’s delisting of the ALPACA token in May 2025 severely impacted the token’s accessibility and liquidity. This also limited the protocol’s ability to allocate remaining resources toward new initiatives. The protocol engaged in merger and acquisition talks but failed to attract any buyers under current market conditions. Following these developments, the team initiated the shutdown process. After four years of operation, Alpaca Finance is exiting the DeFi space. 

Important Dates for Users 

• June 2025: All leveraged yield farming services will be halted. 
• June 30, 2025: Open positions will be automatically closed. 
• December 31, 2025: Users can withdraw their assets until this date. 

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