Leverage Got Liquefied: $1B in $BTC, $ETH, $XRP Wiped Before PCE Drops 🍸

Crypto markets absorbed more than $1 billion in liquidations over 24 hours, with 176,530 traders caught in the crossfire as positions were forcefully closed ahead of Friday's U.S. Personal Consumption Expenditures (PCE) inflation print. Data from CoinGlass shows longs bore the brunt of the damage at $780.05 million, while short liquidations accounted for $220.54 million.

Bitcoin led the unwind with $415.83 million liquidated, followed by Ethereum at $230.31 million and XRP at $14.22 million. The sell-off coincides with a $10 billion Bitcoin options expiry, which market participants flagged as an additional source of near-term volatility. Sentiment was further weighed by reports of weakness in MicroStrategy (MSTR) shares and softer institutional demand.

At the time of writing, Bitcoin was trading at $61,691, down 1.57% over 24 hours. Ethereum slipped 1.14% to $1,651, while XRP also moved lower alongside the broader retreat. Traders are now positioning around the 59,000 level, which analysts have identified as a key support for any potential recovery attempt.

The PCE inflation data, due Friday, is expected to be a key catalyst for risk assets, with market participants watching for signals on the Federal Reserve's next move. Until then, leveraged positioning remains vulnerable to sharp directional moves, and the $1 billion in liquidations over the past day underscores how quickly positioning can be flushed across Bitcoin, Ethereum, and XRP simultaneously.