Well, the market has been fun lately… depending on how much you were leveraged.

We just witnessed the biggest liquidation event in our industry’s history. 

The numbers are eye-watering, and there are a lot of folks out there suffering from big leverage hangovers. 

The Numbers In Context

The big figures on everyone's mind have so far been $2.38B in liquidations.

But, it turns out that may be an underestimation of the actual scale of the stiaution. 

Bybit's CEO Ben Zhou ruffled feathers when he claimed that we're actually looking at $8-10B total.

That's not a typo. 

That's "B" as in "Billion" as in "Bruh, what just happened why am I liquidated?"

Trumping The Markets

Why oh why did we fall like a stone into the deep liquidation sea?

Well, everyone’s best friend, Trump, decided to play tariff tag with three of the United State’s largest trading partners.

He slapped some hefty 25% tariffs on Canada and Mexico and big but slightly less intense 10% tariffs on China.

Naturally, the market went into full panic mode.

Bitcoin took a quick trip to $91,200 before bouncing back to $98K like nothing happened after Trump decided to put a 1-month hiatus on the Mexican tariffs after reaching a deal with the president of Mexico. 

The Carnage Report

According to on-chain data, 734,000 traders had their accounts blown up entirely – liquidated to the bone.  

$609M in ETH longs are completely gone. 

$412M in BTC positions? Poof – into thin air.

And the altcoins? Oh… the poor altcoins

They got absolutely demolished, with XRP down 27% at the worst and Solana dropping a staggering 19%.

Even Trump's own meme coin ($TRUMP) crashed from $73 to under $20… not that anyone is loving him at this second.

It’s All Correlated

This wasn't just a crypto thing, either.

The S&P 500 dropped 1.7%, while the Dow Jones said goodbye to 421 points 

But the good news is that oil is up 3.2%.

Turns out scarcity does indeed drive value… sometimes. 

Robert Kiyosaki is calling it a "brutal crash" but says it's time to "get rich" by buying the dip.

Jeff Park thinks these tariffs might actually make Bitcoin look pretty good long-term.

And Vetle Lunde's out here saying we can't even trust the liquidation numbers anymore – he doesn’t know what to believe.

Bitcoin vs Everyone Else

Bitcoin holds 60% market dominance at the moment, making it look rosy compared to other on-chain options. 

Like those alts we talked about.

They’re still getting absolutely bodied… remember, we’re talking ETH down 20%, XRP down 27%, and SOL down 19%.

Bitcoin’s speedy recovery makes it look like a walk in the park by comparison. 

More Roller Coaster From Here

The Fed is sitll sweating about inflation, and Europe and the UK might join the tariff party themselves.

We even have some folks saying Bitcoin could visit $83K if things get ugly – yikes.

The big takeaway is that $10B just vanished faster than the hype surrounding the President’s meme coin.

It proved the market has paper hands when Trump tweets about tariffs, so watch out for those in the future.

And maybe, just maybe, using 100x leverage isn't the galaxy brain move we thought it was.

Stay safe out there, anon.