Crypto markets trigger $1 billion in liquidations as Bitcoin swings on Nvidia, Iran risks

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Crypto market $1B liquidations

Highlights

Over $1 billion in leveraged crypto positions liquidated in 24 hours, with $913 million in bullish bets unwound amid sharp weekend volatility.
Nvidia's tokenized stock NVDAX drops 3.55% to $180.42 after CEO affair and China spy allegations, fueling risk-off sentiment and signaling weaker Monday openings.
Ether sees $448 million in liquidations versus $272 million for Bitcoin, with largest single order at $48 million, as Bitcoin trades between $73,150 and $77,430 technical levels.

Liquidations mount as weekend volatility hits leveraged bets

As reported by CoinDesk, citing CoinGlass, more than $1 billion in leveraged cryptocurrency positions are liquidated over 24 hours, including $913 million in bullish wagers. Most of the forced unwinding occurs within the last several hours as Bitcoin and ether post sharp two-way moves in the only major market open over the weekend.

Bitcoin falls to about $73,761 late Sunday, its lowest level since August, before recovering to trade above $75,000. Ether drops below $2,100 before rebounding to $2,144, and the sell-off hits leveraged futures traders especially hard.

Ether absorbs the larger blow relative to Bitcoin, with $448 million in liquidations versus $272 million for Bitcoin. The single biggest liquidation order is in ether, valued at $48 million.

Nvidia scandal and Iran tensions deepen risk-off mood

The market volatility follows two developments that traders treat as negative for risk appetite. Nvidia chief executive Jensen Huang acknowledges an affair with a woman U.S. officials believe was spying for China, while Secretary of State Marco Rubio says negotiations with Iran have stalled.

Nvidia's board says it opens an independent investigation after the reports, although the company says it has no reason to believe national security or corporate secrets have been compromised. The issue carries wider market weight because Nvidia remains central to the AI trade that has supported risk-taking across equities and crypto.

The company also sits at the center of U.S.-China technology tensions, with Washington restricting exports of Nvidia's most advanced AI chips to China. In tokenized trading, NVDAX, the tokenized version of Nvidia stock on xStock, falls 3.55% over 24 hours to $180.42, below Nvidia's Friday Nasdaq close of $186.64, suggesting crypto traders expect a weaker open for traditional markets on Monday.

Broader sentiment is already fragile, with the Nasdaq falling nearly 5% last week and extending a four-week losing streak. Rubio's comments on Iran add to geopolitical uncertainty, which investors often associate with higher oil prices and lower appetite for risky assets, and Bitcoin remains caught between support near its 200-day average at about $73,150 and resistance near its 100-day average at $77,430.

In our earlier article on the Nasdaq 100 (NDX), we covered the index’s slide under short- and medium-term moving averages and the heightened downside risk as selling pressure persisted. We also noted the launch of JQQQ, a blockchain-native fund by Janus Henderson and Centrifuge designed to provide digital access to Nasdaq-100 exposure, even as price action remained range-bound and vulnerable to a bearish break.

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