Bitcoin’s Pullback from $111K ATH Triggers $560M Liquidations
Bitcoin (BTC) flashed its volatility once again, falling from its all-time high (ATH) at $111,970 to around $107,000 on May 23 before rising modestly to $109,231. The sudden dip prompted huge liquidations in crypto futures markets totaling over $560 million.
According to Coinglass figures, the decline resulted in the liquidation of 160,905 traders on major exchanges, with longs taking most of the loss.
Breakdown of Liquidated Positions
All $563.20 million worth of liquidated positions were dominated by longs, which took up $418.63 million. Shorts made up the remaining $144.35 million. The biggest single liquidation order was a BTC-USDT on OKX for $9.53 million.
Bitcoin traders were hit the hardest, with liquidations of $153.04 million, followed by Ethereum (ETH) at $144.19 million. Most of the liquidations in both assets took place on long positions.
Trump’s Trade War Threat Spooks Market Further
The price decline was followed by comments from U.S. President Donald Trump, in which he threatened to impose more tariffs on the European Union and Apple. The action spooked markets, especially risk-on assets like Bitcoin and Ethereum.
ETH fell from $2,731 highs to $2,508 lows, before rebounding to $2,574. The broader market reacted similarly, which highlights crypto’s sensitivity to geopolitical and macroeconomic signals.
Relative Strength of Bitcoin Still Intact
Followed by the volatility, Bitcoin’s breakout above $109K is still an indicator of strength. Having broken its prior ATH in November, coinciding with Trump’s inauguration, BTC has been resilient despite market volatility.
This resiliency is likely driven by the growing perception of Bitcoin as “digital gold.” Institutional and retail investors both increasingly view BTC as an inflation hedge and acceptable replacement in the case of macro instability.
Conclusion
The recent wave of liquidations confirms the risk-on nature of crypto markets. Yet, the relative resilience of Bitcoin indicates its evolving role as a safe-haven asset amid escalating global tensions.
