BTC and ETH trigger $1.35B long liquidations

TLDR

Around $1.35 billion of crypto derivatives were liquidated in 24 hours as Bitcoin (BTC) and Ethereum (ETH) dipped, flushing out crowded long positions but leaving leverage still elevated.

1. A recent report shows $1.351B in liquidations in 24 hours, with $1.073B from longs, led by BTC, ETH and heavily leveraged altcoins.
2. Market-wide open interest and sentiment data point to a leverage reset in a fearful environment rather than full capitulation.
3. The next move depends on BTC and ETH holding key support amid Middle East tensions and regulatory news, with more liquidation risk around dense long clusters.

Deep Dive

1. Size And Breakdown Of The Flush

A detailed derivatives recap reports that crypto markets saw about $1.351 billion in liquidations over the 24 hours ending 13 July 2026, dominated by long positions worth $1.073 billion, versus $278.7 million in shorts.

BTC was the main driver, trading near $104,716 (down 1.1 percent) while seeing $664.6 million liquidated, almost entirely from longs ($662.4 million). ETH fell harder, down 4.1 percent to $3,671, with $90.48 million liquidated and a rare skew toward shorts ($58.69 million) over longs ($31.79 million), showing two way volatility.

Altcoins were hit too: XRP saw $105.9 million in liquidations, SOL $64.3 million, ADA $80.03 million, DOGE $57.38 million, and other majors like BNB, SHIB, TRX, UNI, AVAX and LINK each in the tens of millions, underscoring how a BTC and ETH move cascades through the whole market.

2. Leverage And Sentiment Signals

Despite the wipeout, aggregate perpetuals open interest sits around 385.94 B USD with only a small 24 hour dip, while total crypto market cap is about 2.14 T USD and 24 hour volume has jumped, according to market wide derivatives and liquidity metrics.

The crowd is cautious: the Fear & Greed Index currently reads 27, in Fear, and BTC dominance hovers near 58 percent, with ETH around 10 percent, which fits a defensive bias after a leverage shock. A separate derivatives review finds $253 million in 24 hour liquidations, 76 percent from longs, with BTC and ETH leading, reinforcing the picture of repeated long heavy flushes around modest price drops.

Open interest staying high while longs are repeatedly cleaned out suggests positioning is being rotated rather than abandoned, with traders reloading but more sensitive to downside spikes.

3. Key Levels And Triggers To Watch

Derivatives data highlight BTC support in the low 60,000s as a key liquidation cluster region, while ETHs recent volatility around the mid 3,000s coincides with big directional perp bets. On chain, Hyperliquids open interest has just set a record above $11 billion, showing significant leverage concentrated in DeFi perps.

Macro and policy add fuel. Renewed U.S Iran tensions around the Strait of Hormuz, rising oil and inflation worries, and the pending CLARITY Act in the U.S all shape risk appetite. If geopolitics or data push rates expectations higher, risk assets including crypto could face more pressured liquidations; if tensions ease and regulation clarifies, the same washed out positioning could support a rebound.

Conclusion

The $1.35B liquidation event shows how heavily leveraged BTC and ETH markets can turn a relatively modest price dip into a large forced deleveraging across majors and altcoins. Leverage and open interest remain high in a fearful market, so the episode looks more like a positioning reset than a final bottom. If BTC and ETH can hold key levels while macro risks stabilize, this flush could set a cleaner base; if not, dense long pockets below current prices leave room for further liquidation cascades.

Confidence: high, because multiple derivatives and market overview sources converge on the magnitude, long skew and current leverage backdrop.