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- 🐳 Daily Edition: BTC, ETH Slide as $900M in Levered Trades Liquidated
🐳 Daily Edition: BTC, ETH Slide as $900M in Levered Trades Liquidated
Most altcoins post double-digit drop offs as majors fall, healthy pullback or is this the end?
Beluga & Will McKinnon
August 25, 2025
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A major liquidity flush hit the crypto market today as some $900M in levered positions were liquidated, bringing Bitcoin down under $110k for the first time since July. While on paper this isn’t a huge move for BTC, Ethereum and altcoins were hit significantly harder with ETH retracing Friday’s entire move. As Friday was the second largest market cap gain in 24 hours in Ethereum’s history, today’s dump didn’t feel great. Even altcoins that have shown real strength over the last few months like CRV, AAVE and TAO saw double digit percentage sell offs amidst the market carnage.
24 Hour Crypto Heatmap, Source: CoinMarketCap
Red days like today are never fun, but flushing out leverage is probably a good thing. In fact, immediately preceding the big candle, data from Velo showed open interest rapidly rising even while prices fell. As we’ve discussed in the Beluga Brief before, the crypto markets love wiping out levered positions and when we see build ups like this it’s best to expect those liquidation levels to get hit. Ignore the fear mongers saying this is the end, what we’re seeing is a healthy pull back especially considering the meteoric rise of ETH over the last 2 months.
Fool me once, shame on you. Fool me twice… shame on you?
Sahil:
*rugs 9000 coins*Jesse:
"Hmmmm we should promote his next coin to make sure he's really a rugger and not just a misunderstood good guy....never mind, he rugged it"— karbon 🐺🦊 (@basedkarbon)
4:39 PM • Aug 25, 2025
The Beluga intern has been hard at work gathering all the most important crypto news stories so you have them in one place!
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This week Beluga is featuring the ether.fi Cash program, the latest product addition to a leading DeFi protocol which has already amassed over $5B in TVL. The best part of ether.fi's offering is the ability to use the card as either a high-reward debit account or a credit account that lets you borrow against your balance without having to sell — it's like having Aave in your pocket where each swipe of your card creates a new lending position against your collateral. To learn more about the card, check out our full review here!