• Ethereum plummeted 18% to a low of $2,368, triggering $2.3 billion in total crypto liquidations.
  • Long traders faced 84% of total liquidations, amounting to $1.9 billion, with ETH long positions alone contributing $473 million.

Ethereum took a sharp hit, plummeting 18% to lows of $2,368 in early Monday trading, as over $2.3 billion in crypto liquidations swept the market. The crash followed U.S. President Donald Trump’s announcement of new tariffs, rattling investors and triggering a wave of forced liquidations.

At press time, Ethereum trades at $2,544, down 17.8% on the day, according to CoinGecko. Ethereum bore the brunt of the liquidations, accounting for $611 million in combined long and short positions, per CoinGlass data.

Bybit CEO Ben Zhou suggested that the real liquidation total could be much higher—potentially in the $8-$10 billion range—due to API limitations in data reporting.

Long traders faced the most severe losses, making up 84% of total liquidations at $1.9 billion, with ETH long positions alone contributing $473 million.

"While most risk assets, including crypto, are trading lower, ETH has seen a notably steeper decline compared to BTC, SOL, and BNB," said Min Jung, an analyst at Presto Research.

Jung highlighted the Ethereum Foundation’s leadership controversies and institutional shifts as key factors weighing on sentiment.

Ethereum's drop marked its largest intraday decline since May 2021, when it fell from an all-time high of $4,308 to $2,200 in a week. At present, ETH remains about 48% below its peak of $4,878 in November 2021.

Volatility metrics surged during Asian trading hours, with Ethereum's one-day at-the-money volatility jumping from 34% to 184%. The market panic intensified as traders rushed to hedge, pushing the put-call ratio above 2.5.

The decline comes amid broader concerns over Trump's tariffs on Canada, Mexico, and China, which could exacerbate inflation and impact global markets. Dow futures also fell over 650 points, reflecting investor uncertainty across asset classes.

Edited by Harshajit Sarmah