According to Woofun AI, macro policy uncertainty has shrouded the market, with Bitcoin, Ethereum, and Ripple prices falling collectively, directly triggering the forced liquidation of nearly $483 million in crypto futures positions. This sharp fluctuation is not an isolated event, but a direct reflection of the market's confusion over the Federal Reserve's next interest rate decision, causing leveraged funds to be rapidly cleared out in the panic on Thursday morning.
Over the past 24 hours on Thursday, market turbulence intensified, and data compiled by Woofun AI shows that Bitcoin and Ethereum futures liquidations totaled $483 million. Specifically, Bitcoin's price hovered around $81,000, down about 3% over 24 hours; Ethereum performed even weaker, falling more than 6% to around $2,350.
Ripple and Solana's SOL both fell about 5%, while Dogecoin dropped nearly 6%. During the Asian market opening session, liquidation pressure became more evident: Bitcoin-related liquidations amounted to $197 million, while Ethereum reached as high as $286 million. At that time, Ethereum's price fell another 6.4% to $2,356, and Bitcoin's decline widened to 3.2%, but it still held around $81,000.
The essence of the liquidation mechanism lies in the fragile balance between borrowed funds and collateral. When price fluctuations cause insufficient collateral, exchanges will automatically close positions. Taking $1,000 in principal to control a $10,000 position as an example, even if the price drops by less than 10%, a trader may instantly lose all of their collateral. This forced selling behavior intensifies downward pressure on the market.
It is worth noting that although the total value of Ethereum's open futures contracts is only about $30 billion, far lower than Bitcoin's $52 billion, it has been hit more severely, demonstrating the asset class's higher sensitivity to leverage. Long-tail coins have also not been spared, with the sell-off spreading to other assets. As SOL's price fell about 5.5%, Solana futures contracts triggered about $31 million in liquidations; ZEC fell even more deeply, by 13%, with related liquidations amounting to nearly $19 million.
It should be made clear that the above data reflects the notional value of positions that were closed, not the actual amount of cash lost by traders. This round of liquidations marks another exposure of the fragility of high-leverage strategies under macro uncertainty, and market depth is facing a severe test under extreme conditions.
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