Ethereum Leads $2.2B Liquidation Amid Trump's Tariff War

As the market plummeted after over 730,000 traders were forced to liquidate, experts compared the incident to the collapse of FTX and the COVID-19 virus crash, Cointelegraph reported.
According to a report on the 3rd (local time), amid growing geopolitical uncertainty due to the global tariff war, the cryptocurrency market saw a 2.24 billion dollar surge in the past 24 hours.
Ethereum (ETH) was hit the hardest, with the total liquidation amount of long and short positions reaching $609.99 million (approximately 94.7 billion yen).
The total liquidation volume on the 3rd exceeded $2.24 billion (approximately 347.8 billion yen), affecting more than 730,000 traders.
According to data from CoinGlass, the largest single order liquidation occurred on the ETH/BTC trading pair in the past year, at $25.6 million.
Of these large-scale liquidations, 36.8% occurred on Binance, which is analyzed to be due to the exchange's huge user base. Other exchanges that also participated include OKX, Bybit (
Large-scale liquidations also occurred on exchanges such as Bybit, Gate.IO, and HTX. Investors with long positions liquidated 1.88 billion, or 84% of the total liquidation amount.
million (approximately JPY 291.8 billion), indicating that there was high hope that the market would rise further.
Meanwhile, in the month of January, the US physical Bitcoin exchange-traded fund (ETF)
Approximately $5 billion (approximately 776 billion yen) has flowed into the country, and it has been suggested that this could reach up to $50 billion (approximately 8 trillion yen) by the end of 2025.