Crypto bulls faced a harsh wake-up call Friday as renewed trade war fears sparked a sharp sell-off, triggering over $300 million in leveraged liquidations across major crypto exchanges. Bitcoin (BTC) slid 3% from near all-time highs as traders scrambled to cut losses.

Data from CoinGlass shows that the bulk of liquidations were long positions—bets on rising prices—that unraveled quickly after President Trump announced a 50% tariff on imports from the European Union, effective June 1, along with a 25% tariff on iPhones made outside the U.S.

Bitcoin longs accounted for roughly $107 million in forced sell-offs, while Ethereum’s Ether saw nearly $87 million wiped out. Other altcoins including Solana (SOL), Dogecoin (DOGE), and SUI experienced liquidations ranging between $10 million and $18 million.

“An aggregate flush of leveraged longs and spot de-risking, all triggered by headline risk,” summarized prominent trader Skew on X, capturing the market mood.

The tariff threats reignited concerns about an escalating trade war, sending shockwaves through crypto and traditional markets alike. Major cryptocurrencies including BTC, ETH, XRP, and Cardano dropped between 3% and 4%, while smaller tokens like Uniswap (UNI) and SUI slid 5% to 7% within 24 hours.

High-profile trader James Wynn, who recently opened a $1.1 billion BTC long position with 40x leverage on Hyperliquid, found himself deep underwater. Wynn is currently facing $7.5 million in unrealized losses, with his position vulnerable to liquidation if BTC falls to $102,000, according to publicly shared data.

Interestingly, this liquidation wave came amid an unusual rise in short positions on BTC derivatives despite its record-level prices, indicating a more cautious market outlook moving forward.