Crypto market sees $1B getting 'rekt' as prices pull back from highs

Crypto market sees $1B getting 'rekt' as prices pull back from highs originally appeared on TheStreet.

The crypto market is reeling after a sharp pullback wiped out over $1.05 billion in leveraged positions in the past 24 hours.

According to Coinglass data, 219,682 traders were liquidated, with longs bearing the brunt — accounting for more than $778 million of the total.

The largest single liquidation was a $10 million BTC-USD position on Bybit. Bybit led in total liquidations with $447 million, followed by Binance with $264 million and OKX with $126 million.

Bitcoin (BTC) is now trading at $118,718, down 1.5% in the past 24 hours after recently hitting record highs above $124,000. Its market cap sits at $2.36 trillion. Ethereum (ETH) fell 3.4% to $4,547, while XRP slipped 5.2% to $3.11. Other major altcoins also saw losses, with Solana (SOL) down 4.2% to $193.60 and BNB down 2.3% to $833.84.

The sell-off follows days of euphoric gains that pushed Bitcoin past Google in market capitalization earlier this week.

Jessy Gilger, CFP, Senior Advisor at Sound Advisory (the financial planning and investment arm of Unchained), says the latest move fits squarely within Bitcoin’s historical growth pattern, but with one key difference that could make this cycle even stronger:

“Every Bitcoin cycle has followed the same pattern: consolidation, expansion, peak, and retrace, with each peak rising materially above the last. This cycle is tracking closely to that model. But with this year’s supply issuance cut in half and institutional demand stronger than ever, the runway for record growth is wide open."

Ethereum is riding the same bullish wave. As ETH approaches an all-time high, Thomas Perfumo, Global Economist at Kraken, notes:

"ETH has surged to its first new all-time high since 2021, lifting Bitcoin and other major altcoins alike. The rally marks ETH’s first sustained run of outperformance in years, fueled by aggressive institutional inflows."

He added:

"Corporate treasuries and spot ETH ETFs now control more than 8% of the circulating supply—almost double their stake from just two months ago—creating a supply squeeze that has amplified the latest move higher. Leading the charge is Bitmine, now ETH’s largest single holder, which recently filed to expand its at-the-market equity offering by $20 billion, arming it with additional dry powder to accelerate accumulation."

Crypto market sees $1B getting 'rekt' as prices pull back from highs first appeared on TheStreet on Aug 14, 2025

This story was originally reported by TheStreet on Aug 14, 2025, where it first appeared.

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