The crypto market has experienced a dramatic downturn in the hours leading up to high-stakes peace talks between U.S. President Donald Trump and Russia and Ukraine’s Vladimir Putin. Over $534 million in positions were liquidated, sending shockwaves through traders and wiping out weeks of gains. 127,029 traders were affected, with long positions taking the brunt, losing an estimated $448 million. Shorts also suffered losses, accounting for another $86 million in wiped-out trades. Bitcoin itself saw a loss of around $111 million, but Ethereum suffered the most significant losses, seeing more than $211 million in liquidations. A particular incident on Binance saw a significant BTC/USDT long position vanish entirely in a single order. Bitcoin currently hovers around $4,300, and the heavy leverage within Ethereum positions leaves it susceptible to further market declines.