Crypto markets tumbled as macroeconomic pressures intensified, triggering a wave of liquidations led by bitcoin and ether and inflicting heavy losses on bullish traders.

Over the past 24 hours, about $563 million in leveraged long positions were liquidated across futures exchanges, marking the largest single-day wipeout since Feb. 6, when bitcoin’s sharp drop toward $60,000 erased $1.84 billion in bullish bets, according to Coinglass data.

Liquidations on the short side were comparatively muted at $65 million, underscoring how heavily skewed market positioning had been toward further upside.

Ether bore the brunt of the unwind, with $244 million in long positions wiped out, followed by bitcoin at $160 million. Together, the two largest cryptocurrencies accounted for the majority of the forced deleveraging across the market.

The episode highlights the risks inherent in leveraged trading. Futures positions allow traders to amplify exposure using borrowed funds, but when prices move against them, losses can quickly exceed posted collateral, prompting exchanges to automatically close positions. This often accelerates market declines through cascading liquidations.

That dynamic took hold as both bitcoin and ether moved lower, dragging the broader digital asset market with them.

Bitcoin has fallen roughly 5% over the past week to trade just below $77,000, while ether has dropped around 10% to hover near $2,129.

The sell-off appears to be driven largely by macroeconomic factors. Stronger-than-expected U.S. inflation data released last week pushed Treasury yields higher, reducing investor appetite for risk assets. Rising bond yields globally have particularly weighed on non-yielding assets such as cryptocurrencies.

The market downturn comes even as regulatory momentum builds in the U.S., where the Clarity Act has advanced through the Senate Banking Committee, moving closer to a full Senate vote and a potential comprehensive framework for digital assets.

Still, the latest price action underscores the dominance of macro forces in the current environment. While regulatory progress may provide a longer-term tailwind, it has done little to shield crypto markets from tightening financial conditions and a broader pullback in risk appetite.