Over $550 million liquidated as Bitcoin whipsaws back to $110k

Crypto derivatives wiped out more than $551 million in positions over the past 24 hours, according to Coinglass, with nearly 72 percent of the losses hitting long traders.The shake-out forced 162,994 traders out of their positions. The largest single hit was a $9.53 million BTC-USDT swap order on OKX. Longs accounted for about $395.5 million of the damage, shorts $155.8 million.

Crypto liquidations (Source: Coinglass)

The unwind followed Bitcoin’s surge to a fresh all-time high above $111,000 on 22 May before prices slipped toward $107,000 and then back to $110,000 during London trading on Friday.

The reversal coincided with a risk-off turn after U.S. President Donald Trump threatened a 50% tariff on EU imports, rattled equities, and spilled into crypto.

Exchange data shows Bybit bore the brunt, recording $197.1 million in liquidations (79% long), followed by Binance with $161.1 million and OKX with $81.1 million. Ethereum futures added another $140.2 million in margin calls.

Outside of macro events, elevated funding rates and crowded bullish positioning in the run-up to the record print impacted the market.

Traders are now watching whether collective funding rates flip negative, a sign of capitulation, and whether price can hold above the $105,000-$107,000 support band carved out earlier in May. Macro drivers loom, with U.S. PCE inflation data due on 30 May and further updates on the tariff dispute expected next week.

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