Crypto Market Suffers $300M in Liquidations as Traders Brace for April Turbulence
The crypto market is under renewed pressure, with over $300 million in long positions wiped out in the past 24 hours as investors retreat from risk amid growing macroeconomic concerns and looming policy shifts.
Bitcoin (BTC) has slipped roughly 3% during the last day, while leading altcoins like XRP, BNB, and Solana (SOL) have dropped between 4% and 5%. The broader market, tracked by the CoinDesk 20 Index (CD20), declined by approximately 3.3%, dragging BTC’s weekly performance down 1.7% and pushing CD20 nearly 5% lower for the week.
According to CoinGlass, the market correction triggered a wave of liquidations, with $300 million in leveraged long positions closed on major centralized exchanges. Shorts weren’t spared either, with nearly $39 million in short positions also liquidated.
This sell-off appears tied to a larger de-risking trend as traders grow cautious ahead of the April 2 implementation of reciprocal tariffs announced by President Donald Trump. The retreat intensified following Friday’s hotter-than-expected core PCE inflation data — a key gauge used by the Federal Reserve.
Adding to the unease, consumer confidence numbers released earlier this week came in weaker than forecast. Most notably, the future expectations index fell to its lowest reading in 12 years — a level typically associated with looming recession risks.
In this risk-off environment, investors are shifting capital into safer assets. CoinDesk’s latest stablecoin report highlights a rise in demand for gold-backed tokens, with their combined market cap surpassing $1.4 billion in March.
While the CD20 has slumped over 3% in the last 24 hours, tokens like Paxos Gold (PAXG) and Tether Gold (XAUT) have bucked the trend — both gaining about 0.7% and trading above $3,100. Year-to-date, these gold-linked assets are up more than 18%, outperforming both BTC — down 12.5% — and the CD20, which has slid 28% in 2025.
