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- ExtraOrdinal Daily #113 | The Biggest Liquidation Event in Crypto History Just Happened
ExtraOrdinal Daily #113 | The Biggest Liquidation Event in Crypto History Just Happened
XO Media | ExtraOrdinal Daily
February 03, 2025
3rd Feb 2025 ||| Issue #113
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Table of Contents
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Todays Top Stories
Editor: @PhoenixxDown
The Biggest Liquidation Event in Crypto History Just Happened
For those in Europe, you’re probably still rubbing your eyes, wondering what on Earth happened while you were sleeping.
For those in the U.S and Asia, you’re probably still rubbing your eyes, wondering what on God’s green Earth you witnessed earlier.
For the long suffering Europoors, blissfully unaware of the carnage unfolding overnight, the crypto market just witnessed its largest single-day liquidation event in history—bigger than the collapses of Terra’s LUNA, the COVID-19 crash, and the FTX meltdown.
In just 24 hours, a staggering $2.23 billion was liquidated across exchanges, leaving traders reeling.
🚨Crypto liquidations soar to $2.23 billion in 24 hours – the largest single-day event in crypto.
Bigger than LUNA.
Bigger than COVID.
Bigger than FTX.We’ve just witnessed history. x.com/i/web/status/1…
— Coin Bureau (@coinbureau)
6:19 AM • Feb 3, 2025
According to CoinGlass, 728,658 traders were liquidated in the past day, with long positions making up 84% of the total liquidations. This highlights just how many investors were overly bullish, expecting another rally—only to be wiped out by the sudden downturn.
What Triggered the Crash?
The liquidation cascade was largely fueled by external macroeconomic pressures. On Sunday, President Donald Trump announced sweeping new tariffs on imports from Canada, Mexico, and China, sending shockwaves through global financial markets.
As a result:
Bitcoin fell to $92,460
Ethereum plunged to $2,368
XRP dropped 18% to $2.01, with Solana hitting $183
The total crypto market cap lost $3.2 trillion, a 9% decline
To give an idea what happend tonight and what happend to Altcoins, these two charts tell you all you need to know.
While #BTC dumped, the Dominance went to 62% which caused the nuke in alts and the index shows Altseason is not now.
But that can and will change quickly imo… x.com/i/web/status/1…
— mrpatrickschmitt (@mr_pschmitt)
3:52 AM • Feb 3, 2025
Ethereum saw the most extreme liquidations, with over $609.9 million in ETH longs and shorts wiped out. This marks the worst liquidation event for ETH in over two years, rivaling the infamous March 2020 COVID-19 crash.
Largest liquidation event on $ETH in the past 2+ years with the most negative funding... most comparable event to this was March 2020 Covid Crash.
I believe those that stick around will be rewarded. Most will not stick around. Defining moment for many. We all go through it.
— Max (@MaxBecauseBTC)
3:14 AM • Feb 3, 2025
Was This a Coordinated Move?
Some analysts believe the liquidation event wasn’t entirely organic. Doctor Profit suggested that major players might have engineered the sell-off, with our old “friends” Wintermute right in the thick of it, as usual—if to be believed:
The big Cartel (Binance & CoinBase) sent huge amounts of ETH and BTC to Wintermute market makers to allow the controlled liquidation event to happen we see right now. The biggest hit on ETH!
Now think about it, why are they taking out longs on ETH? Think..
— Doctor Profit 🇨🇭 (@DrProfitCrypto)
9:43 AM • Feb 3, 2025
What Happens Next?
The Crypto Fear & Greed Index plummeted to 44, signaling a shift to “fear” in market sentiment. Historically, such extreme fear has been seen as a buying opportunity—but only time will tell if the market rebounds quickly or remains volatile.
The index has seen much lower in the past—reaching around 15 during the FTX crash, for example—but the main difference here is that Bitcoin has held up relatively well, all things considered.
Fear & Greed Index: 44. We are back at levels not seen since October 2024.
🚨 Be fearful when others are greedy, and greedy when others are fearful.
— Crypto Dives (@MakroDives)
9:19 AM • Feb 3, 2025
Is this the flush that was needed to resume the bull market? Hard to imagine a worse day—this was brutal, and many traders have been severely punished for not being heavily allocated to Bitcoin.
Imagine this is your first cycle, and you entered during the $TRUMP memecoin launch. Nothing short of a baptism of fire!
Top Posts | XO Scout, Glatzer, Has Been Saving Many During the Recent Troubles
, one of our top Ordinal Scouts, has been killing it on Odin.fun. Here are some of his recent calls exclusive to XO:
Odin Dog 172k --> 2.6M = ~15x
Odin Cat 80k --> 620k = ~8x
Odin Puppet 10k --> 130k = ~13xAre you guys still fading ExtraOrdinals?
— ExtraOrdinals (@ExtraordinalBTC)
8:36 PM • Feb 2, 2025
Top Posts | OdinFun’s Public Launch Is Coming Later Today!
💥 Another fun day on Odin•Fun 💥
In the last 24 hours Odin•Fun has done more volume than every other Runes trading platform combined!
We really are going to Ballhalla together.
Public launch is coming in less than 12 hours. Big things are coming.
--
Quick update on… x.com/i/web/status/1…
— Bob Bodily, PhD 👋 | #BTC #ETH #ICP 🧙🏽♂️ (@BobBodily)
8:37 AM • Feb 3, 2025
Top Posts | Farmer Joe Shares Thoughts Regarding Trump’s Tariff Crusade
Bitcoin Trade Setup if Trump Goes Full Tariff & Consumption Tax Economy 🚨
If Trump wins and shifts the U.S. to a tariff-heavy, consumption-tax economy while slashing corporate, income, and capital gains taxes, it could trigger a massive macro setup for Bitcoin.
Here’s how I… x.com/i/web/status/1…
— FarmerJoe 🌎☮️ (@FarmerJoe0x)
3:49 AM • Feb 3, 2025
Top Posts | Macro Matters: Exercise Caution
Macro matters, and it’s very uncertain in regards to tariffs.
This won’t be a v-reversal situation.
A lot of people are gambling that Trump isn’t serious, and will walk it back quickly. A lot of evidence to suggest he does believe tariffs are the way forward for the USA long… x.com/i/web/status/1…
— Aylo (@alpha_pls)
7:18 AM • Feb 3, 2025
Top Posts | Rule Number 1: Survive
time for the periodic reminder that things will be ok if you survive
a little story from last cycle, back in the first big crash (may 2021) i pretty much got saved by @Cryptopathic
i aped in my entire networth into eth at the picotop, then a few days later im down 20%… x.com/i/web/status/1…
— Loopify 🧙♂️ (@Loopifyyy)
8:24 AM • Feb 3, 2025
Top Posts | How Bad Was This Compared To Previous Crashes?
GM2: If you think todays red day is bad, just wait. It will probably get worse. If this worries you then this isn't for you. Today is a 9.1% drop. Pretty brutal? Well, not really...🧵
— Digital Asset News (@NewsAsset)
11:05 AM • Feb 3, 2025
Daily Bites: Today’s Top Articles
Todays Markets
Ordinals
No surprises in the top 5 today as the usual leaders—NodeMonkes, Puppets, Quantum Cats, and OMB—continue to dominate volume. A mix of panic sellers liquidating their holdings and buyers stepping in for bargains is driving the action.
There’s a large gap in volume separating 4th place downward, with Pizza Ninjas leading in 5th, recording almost half a Bitcoin in sales over the past 24 hours.
Poor Traits revealed yesterday—in the worst market conditions in recent memory, no less—yet still managed a 21% gain on the day.
Runes
Like Ordinals, no surprises in the top 5, with all the usual leaders present.
$DOG takes an uncharacteristically large dip, dropping 7.5%, touching a $300M market cap at the worst point of the market-wide crash.
The biggest hit goes to $RSIC, which fell below 1 sat—a level many thought they'd never see. Is this a pickup opportunity? Hard to tell in this market.
$BITCORN, however, bucks the trend, surging 21% on the day.
Over on OdinFun, 10 Runes have now ascended, with OdinDog leading at a $2.7M market cap. The gap between OdinDog and the rest continues to widen as rumors swirl about how far the flagship memecoin can go.
Todays Opportunities
Giveaways
There are currently no raffles taking place today, but check back tomorrow for what’s next so you don’t miss out.
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