Major tokens took a brutal hit as Bitcoin, Ethereum, and XRP all plunged simultaneously, wiping out over $637 million in leveraged positions across the market.

The bloodbath caught traders off guard. Leveraged longs got hammered as prices cascaded lower, triggering a massive wave of forced liquidations that rippled through exchanges.

This isn't just another dip—the sheer scale of liquidations signals how overleveraged the market had become. When all three heavyweight assets crash together, it usually means something bigger is rattling investor confidence.

For those holding spot positions, it's a stomach-churning reminder of crypto's volatility. For leveraged traders? Many just learned an expensive lesson about risk management.