Crypto markets saw a wave of liquidations in the past 24 hours as bitcoin (BTC) prices slipped under $104,000, triggering over $600 million in forced closures of bullish futures positions to mark the highest losses since February.

A total of $688 million in liquidations hit traders, with 89% of them on the long side — reflecting a heavily bullish market. The largest single liquidation order was a $12.25 million BTC/USDT on OKX, Coinglass data shows.

Bitcoin-tracked futures led losses at over $153 mmillion, followed by Ethereum (ETH) at around $122 million. Solana (SOL) faced liquidations totaling about $33 million, XRP futures at $30 million, and Dogecoin (DOGE) futures at over $22 million.

«Markets went red on Friday on renewed tariff-related apprehensions,» said Alex Kuptsikevich, chief market analyst at FxPro, in an email to CoinDesk.

U.S. President Donald Trump accused China of violating a bilateral trade deal, prompting him to double tariffs on steel and aluminum to 50% to protect domestic industries. He claimed China reneged on a May agreement to ease trade tensions, adding that he might discuss the matter with President Xi.

While China is a top steel exporter, most of its steel is already subject to existing tariffs, per Reuters. Trump’s move rattled global trade markets, with potential implications for key minerals and overall relations between the two nations.

The broader crypto market was also swept by the sell-off, with Ether down nearly 4%, XRP and Solana falling around 4-5%, and Dogecoin diving over 8% on the day.

Data from Deribit shows open interest in Bitcoin futures has surged 51% since April, with options up 126%, signaling increasing investor appetite for leverage. But whales — large holders with more than 10,000 BTC — have shifted from accumulation to net selling, sending coins back to exchanges in a classic sign of profit-taking.

A cascade of liquidations often indicates market extremes, where a price reversal could be imminent as market sentiment overshoots in one direction. Still, the renewed tariff flare-up, combined with a jittery derivatives market, has traders bracing for more volatility ahead.

Cryptocurrencies started the weekend in red with Dogecoin (DOGE) down over 8% to lead losses among majors and Pepe (PEPE) shedding 12%.

Bitcoin fell over 2% to under $104,000 and traded just over $103,600 in Asian afternoon hours Saturday, while the CoinDesk 20 index slumped 4.2% in the past 24 hours.

Ether (ETH) fell nearly 4%, xrp (XRP), BNB Chain (BNB), Cardano’s ADA and Solana’s SOL showed losses between 2-5%. Cronos Network’s CRO was the only gainer in the top 100 tokens with a 12% on no immediate catalyst.

Analysts attributed the downturn to renewed U.S.-China trade tensions.

«Markets went red on Friday on renewed tariff-related apprehensions,» said Alex Kuptsikevich, chief market analyst at FxPro, told CoinDesk in an email. “President Trump accused China on social media of violating the recent trade truce, while Treasury Secretary Scott Bessent admitted in an interview that talks with Beijing had stalled.”

The derivatives market also pointed to increasing investor caution. Open interest in Bitcoin futures is up 51% since April, while options have ballooned by 126%, according to data from Deribit.

Whale wallets, which had been accumulating Bitcoin throughout the year, recently shifted to net selling, sending coins back to exchanges — a classic sign of profit-taking.

«Bitcoin’s local support looks solid around $103K for the coming days,» Kuptsikevich said. However, with tariff headlines rattling markets and whales taking risk off, traders are bracing for more volatility, he added.

A senior Democrat in the House of Representatives, Jamie Raskin, joined his name to lawmakers seeking answers about President Donald Trump’s recent dinner for top investors in his memecoin, sending questions directly to Trump.

Raskin, the ranking Democrat on the House Judiciary Committee, has been a vocal critic of the president and becomes the latest of many from his party to probe details about the event, which they’ve called out as evidence of White House corruption. Because Raskin is in the minority party, his demands are unlikely to lead to further congressional action unless they regain the House or Senate in next year’s elections.

«I write today to demand that you release the names of all the attendees at this dinner and provide information about the source of the money they each used to buy $TRUMP coins, so that we can prevent illegal foreign government emoluments from being pocketed without congressional consent,» Raskin wrote this week to the president, joining many counterparts in the Senate in seeking the information, including Senators Elizabeth Warren, Chris Murphy and Richard Blumenthal.

«We deserve to know who is paying for access to our president, and what steps you took to ensure that the funds you receive are legitimate and legal, rather than the proceeds from foreign states or monarchs or illegal activities,» Rasking said, specifically highlighting Tron founder Justin Sun, a guest who was a major early investor in Trump’s family crypto operations.

Read More: Democrats Threaten Lawsuits, Join Protests Ahead of Trump Memecoin Dinner