Crypto Market Experience ‘Panic Selling’ Amid Iran Conflict, $640M in Liquidated over Past 24 Hours

Today, Monday, June 23, 2025, the cryptocurrency market witnessed a significant liquidation , with a whopping $640.10 million liquidated over the past 24 hours, according to data released today by market analyst Phoenix Group.

Panic selling over the weekend, catalysed by US military attacks on Iran’s nuclear stations, triggered such huge liquidations.

The significant selloffs caught long traders off guard as the majority of liquidations came from long positions.

BTC, ETH Lead in Selloffs

As reported by the data, BTC, ETH, SOL, and XRP were the hardest hit.

Bitcoin led the market selloff, with $238.59 million liquidated over the past 24 hours. Ethereum followed with $193.35 million in liquidations. While Solana experienced $27.68 million in liquidations, XRP witnessed $21.60 million, and Dogecoin took $11.19 million in selloffs.

Other cryptocurrencies with significant liquidations today include Sui (at $7.33 million), FUNToken (at $6.33 million), Cardano (at $4.09 million), Dogwifhat (at $3.24 million), Pepe (at $3.17 million), Polkadot (at $3.15 million), and Ethena (at $2.99 million).

Today’s $640.10 million in liquidations followed the previous day’s $595 million selloffs, totaling the two days’ liquidations to over $1.2 billion.

A series of liquidations normally signals market extremes, where price consolidations could be looming as investor sentiment moves in one direction. The liquidations started late Saturday after President Trump acknowledged US military conducted successful bombing attacks on Iran’s major nuclear sites.

Today, Monday, BTC is trading at $101,392, down 5.1% in the last week. Ethereum (at $2,244.93), SOL (at $133.80), XRP (at $2), and DOGE (at $0.1516) are all displaying losses over the past seven days.

ByBit Topped With Most Liquidations

The recent declines in crypto prices caused massive liquidation of long positions. Metrics from Phoenix Group show that the majority of long trades were liquidated.

ByBit led in today’s liquidations in the market. A total of $255.31 million was liquidated from the marketplace, with 80.70% from came from long positions and 19.30% from short positions.

Binance followed with $140.30 million in liquidations, with 62.45% coming from long positions and 37.55% from short positions.

Gate.io came third, with a total of $96.75 million liquidated from the marketplace, 80.16% originating from long positions and 19.84% from short positions.

HTX followed with $81.67 million in liquidations, out of which 87.90% came from long positions and 12.10% from short positions.

OKX saw $68.27 million in liquidations, with 66.19% coming from long positions and 33.81% from short positions.

BitFINEX had $6.72 million, CoinEX encountered $4.31 million, and BitMEX experienced $2.73 million in liquidations, with the bulk coming from long positions as indicated in the data.