Crypto traders see $817M in liquidations as Powell cautions against rate cut bets - report

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Bitcoin (BTC-USD [https://seekingalpha.com/symbol/BTC-USD]) continued sharp swings on Thursday, after dropping to nearly $108K a day earlier before rebounding above $110K, as about $817 million in leveraged futures were liquidated, with long traders taking the bulk of the losses.

Citing data from CoinGlass_, CoinDesk _reported that about 165,000 traders were liquidated in the past 24 hours, including an $11 million BTCUSD long on Bybit, the largest single loss of the day. Hyperliquid recorded the highest liquidations at $282 million, followed by Bybit with $223 million and Binance with $144 million, underscoring the market’s heavy use of leverage.

The decline came after Federal Reserve Chair Jerome Powell’s hawkish comments tempered hopes for additional rate cuts this year. Following the Fed’s decision to cut rates by 25 basis points to 3.75%–4%, its second consecutive reduction, Powell warned investors not to expect a series of further cuts, prompting renewed selling in cryptocurrencies.

The selloff accelerated following U.S. President Donald Trump’s meeting with Chinese President Xi Jinping, though losses soon eased. Trump described the discussion as “amazing” and announced a trade deal under which the U.S. will immediately cut fentanyl-related tariffs on Chinese goods by half.

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