Crypto Market Crash Today: $1.09B Wiped, Will BTC, ETH & XRP Recover?

The Crypto market crash today has triggered one of the largest liquidation events in recent weeks, wiping out more than $1.09 billion in leveraged positions and leaving investors asking, Why is crypto crashing today ? 

Bitcoin, Ethereum, and XRP are all trading near critical support levels as traders react to heavy liquidations and rising risk-off sentiment.

Investors are asking why crypto is crashing today, whether this is just a leverage flush, and when the market could recover.

With macroeconomic uncertainty, options data, and technical indicators all pointing to elevated volatility, the next few trading sessions could determine whether this sell-off deepens or begins to stabilize.

Crypto Market Crash Wipes $1.09B: Bitcoin Could Drop to $37K

The crypto market crash is leaving serious damage behind. In the past 24 hours, 151,343 traders were wiped out. Total liquidations hit $1.09 billion. The biggest single wipe-out was a $38.05 million BTC-USD position on Hyperliquid.

Long traders took the hardest beating, highlighting one of the biggest crypto liquidation events of the month. 

Long liquidations reached $846.83M over 24 hours, while short liquidations totaled $243.80M. Long liquidations reached $846.83M over 24 hours. Short liquidations came in at $243.80M.

Why Is Crypto Crashing Today?

Apart from leverage unwinding, traders are also watching upcoming Fed meeting crypto expectations and inflation releases, as CPI data crypto remains one of the biggest drivers of market volatility.

ETH led the liquidation heatmap at $857.76K. Bitcoin followed closely at $836.46K. SLX was hit for $293.54K, and SOL dropped $187.57K.

The 12-hour window shows $285.73M total liquidations. Longs lost $174.21M, and shorts lost $111.51M in that same window. The 4-hour data shows $40.67M total, with short liquidations accounting for $32.28M.

The 1-hour snapshot shows $4.00M in total rekt. Longs lost $2.90M, and shorts lost $1.11M. This pattern suggests multiple waves of pressure hit both sides, indicating a classic leverage flush across the crypto derivatives market.

What Is Bitcoin Max Pain Price and What Does It Mean?

As per Deribit Derivatives data, BTC options expiring June 27, 2026, show a Put/Call ratio of 1.64. Put open interest stands at 4,113.9 contracts vs 2,513.7 for calls. Total open interest is 6,627.6 contracts with a notional value of $398.25 million.

Traders should also monitor changes in total open interest, as falling open interest alongside heavy liquidations often confirms that leveraged positions are being flushed from the market.

Max Pain is pinned at $61,000. Heavy put concentration clusters between $55,000 and $58,000. The $58,000 strike alone carries a massive put wall.

In the last 24 hours, BTC put volume was 40,155 vs call volume of 32,062. The 24-hour ratio comes in at 1.25. More puts than calls means the market is paying for downside protection.

Is Bitcoin Going to $37K? What Does the 2-Week Chart Show?

Crypto analyst EGRAG CRYPTO shared a macro cycle warning. On the 2-week Bitcoin chart, the 13-week MA has crossed below the 33-week MA. Historically, this bearish cross has opened the cycle-bottom window in every major bear market.

BTC is currently trading at $61,114.86. The 2-week candle printed a high of $65,548.03 and a low of $59,041.30. The candle is down 3.35%.

The analyst maps three key downside targets. Fib 1.272 sits at $47K. Fib 1.414 is at $43K. The deepest historical target, Fib 1.618, is at $37K. Past cycle bottoms at points A, B, and C all hit either the 1.414 or 1.618 Fibonacci extension level.

A 2-week close above $74,000 would invalidate this bearish roadmap, while losing $58,000 would strengthen downside risks toward lower Fibonacci targets. Below that level, the bottom window stays active. The analyst is calling this a 10-bar, 140-day window for the current cycle.

Ethereum Price Prediction: $1,200 Crash or $5,000 Recovery?

As per Deribit Derivatives data , ETH options for June 27 paint a bearish picture. Put open interest is 28,004 vs 15,603 for calls. The Put/Call ratio is 1.79. Max Pain is $1,600. A massive put wall clusters at the $1,500 strike.

Total ETH options notional value is $68.04 million. In the last 24 hours, ETH put volume hit 145,284 vs call volume of 108,552. The 24-hour Put/Call ratio is 1.34.

ETH is trading inside a critical volume zone between $1,584 and $1,683. Nearly 4 million ETH tokens have traded hands inside this range.

Holding this zone opens targets at $1,980 and $2,079. Losing it risks a slide to $1,237 or $1,089. Analysts note that if Bitcoin falls to $54,000, ETH could push toward $1,200.

The 2022 bear market low is the extreme downside reference. On the flip side, a macro recovery scenario puts ETH at $5,000.

XRP Price Prediction Today: Is the XRP Crash Over or Just Beginning?

Analyst EGRAG CRYPTO also posted an XRP chart with a Tick-Tock label. The chart maps key levels at $1.05, $1.09, $1.11, $1.19, and $1.26.

The analyst said the setup was there, the signal was there, and the window was open. A specific candle on the chart was labeled as the trigger point.

The XRP setup sits inside a defined trading range. Bulls need a hold above $1.09 to keep the upside case alive. A break below $1.05 could extend the current XRP crash.

Bulls need a hold above $1.09 to support the broader XRP price prediction 2026 outlook, while a break below $1.05 could extend the current correction. A break below $1.05 could extend the current XRP crash.

Why Did Crypto Crash Today and What Happens Next?

Signs are stacking up across every chart. BTC options lean bearish. ETH is on a knife-edge support zone. Liquidations keep printing. The macro 2W MA cross is flashing.

BTC above $74K changes the thesis entirely. Below that level, $47K is the first stop, and $37K is the tail risk. For ETH, $1,584 is the line in the sand.

This is not a time for guessing. Watch the 2-week Bitcoin candle close. That single close will either confirm or cancel the bearish cycle-bottom setup.

Watch the 2-week Bitcoin candle close carefully. For investors asking, "Should I sell crypto now?" waiting for confirmation around key support and resistance levels may provide a clearer picture than reacting to short-term volatility

Disclaimer: This article is for informational and educational purposes only. Nothing here constitutes financial, investment, or trading advice. Cryptocurrency markets are highly volatile and carry a significant risk of capital loss. Consult a qualified financial professional before making any investment decisions.