Crypto Market Experiences $300M in Liquidations as Trump’s Tariff Warnings Drive Out Late Investors

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Crypto traders betting on a steady bitcoin rally received a sharp reminder of headline risk from Donald Trump’s latest tariff threats. Over $300 million worth of leveraged derivatives positions were liquidated across centralized exchanges in the past four hours, according to CoinGlass data, as crypto prices dropped following the news. Nearly all liquidations originated from long positions—traders anticipating higher prices. BTC longs accounted for $107 million of the total, while Ethereum’s ether followed with close to $87 million. Other tokens, including Solana's SOL, dogecoin, and SUI, saw liquidations ranging between $10 million and $18 million.

Liquidations across all digital assets (CoinGlass) 
"Nice aggregate flush of long leverage and de-risk selling from spot," noted well-followed crypto trader Skew in an X post early Friday. "All driven by headlines once again." The sell-off occurred after Trump proposed a 50% tariff on imports from the European Union starting next month, alongside a 25% tariff on iPhones manufactured outside the U.S., reigniting concerns over an escalating trade war. 

As a result, BTC and major altcoins such as Ether, XRP, and Cardano fell 3% to 4%, while smaller-cap tokens like Uniswap and SUI dropped 5% to 7% over the past 24 hours. Crypto trader James Wynn, who gained attention recently for opening a $1.1 billion BTC long bet with 40x leverage on the Hyperliquid exchange, also saw his position slip underwater. Currently, the trader is facing $7.5 million in unrealized losses, and the position could be liquidated if BTC drops to $102,000, according to a screenshot shared on X.

Interestingly, the long liquidations occurred amid a recent unusual tilt toward short positions in BTC derivatives despite record prices, as reported by CoinDesk on Thursday.