Bitget Liquidates $32.4 Million in Massive BTC Long as Market Sees $576M Wipeout

In a dramatic turn of events shaking the crypto market, a staggering $576 million in long positions were liquidated as Bitcoin prices fell 3% to the $75,000 mark. The carnage was led by a single massive liquidation of a $32.4 million BTCUSDT perpetual contract on Bitget, underscoring the exchange's significant role in handling large-volume institutional trades. This event highlights the ongoing volatility and the high-risk nature of leveraged trading in the current regulatory climate, especially as the SEC delays its comprehensive crypto framework, leaving the market in a state of uncertainty. As a bullish professional, I view this shakeout as a necessary cleansing of excessive leverage; while painful in the short term, it strengthens the foundation for a more sustainable uptrend. The fact that 90% of the losses were from 'bullish bets' shows that market confidence remains robust, and these liquidations are a typical precursor to a sharp recovery. As Ethereum also slid 4%, the broader market pullback offers a compelling entry point for discerning investors who recognize the long-term value and transformative potential of decentralized finance.

Bitcoin Bulls Liquidated in $576M Market Retreat as SEC Delays Crypto Framework

Crypto markets bled $576 million in liquidations as Bitcoin's 3% drop triggered a cascade of long position wipeouts. Over 124,000 traders faced margin calls, with 90% of losses hitting bullish bets anticipating continued recovery.

The single largest liquidation—a $32.4 million BTCUSDT perpetual contract—executed on Bitget as prices plunged to $75k. Ethereum mirrored the downturn with a 4% slide, compounding sector-wide losses that erased 2% of crypto's total market cap.

Regulatory uncertainty looms as the SEC postpones tokenized stock trading guidelines. Meanwhile, Federal Reserve leadership transitions with Kevin Warsh's swearing-in, leaving markets parsing mixed signals on monetary policy.

Ondo Finance CEO Nathan Allman Passes Unexpectedly, Leadership Transition Announced

Ondo Finance, a prominent decentralized finance (DeFi) platform, disclosed the sudden death of its co-founder and CEO Nathan Allman. The announcement, made on May 25 via social media platform X, emphasized Allman's foundational role in building the organization and its multi-faceted leadership team.

Ian De Bode, the company's longtime President, will assume the CEO role immediately. Ondo framed the transition as a continuation of Allman's vision, calling it the most fitting tribute to his legacy. Industry peers like Bitget CEO Gracy Chen highlighted collaborative achievements, including the listing of Ondo's ONDO token and shared progress in real-world asset (RWA) tokenization.