Krypto verstehen Liquidationen
Am 2026 Februar $2.1 wurden über 310 Milliarden an Kryptopositionen in nur 24 Stunden liquidiert – wodurch mehr als 310,000 Händler ausgelöscht wurden. $890 Millionen wurden in einer einzigen 45-minütigen Kaskade liquidiert. Für jeden Krypto-Händler, der Leverage nutzt, ist es wichtig zu verstehen, wie Liquidationen funktionieren, warum sie stattfinden und wie man sich schützt.
Was ist Liquidation?
A liquidation occurs when a cryptocurrency exchange force-closes your leveraged trading position because your losses have approached or exceeded your deposited margin (collateral). In simple terms: you borrowed money to make a bigger trade, the trade went against you, and the exchange closed it before you could lose more than what you put in.
Think of it like a house mortgage. If you put 10% down on a house and the house value drops below what you owe the bank, the bank forecloses. In crypto, the "bank" is the exchange, your margin is the "down payment," and liquidation is the "foreclosure." It happens automatically and instantly -- often in milliseconds.
Open Position
You deposit margin and open a leveraged long or short position
Price Moves Against You
Market moves in the opposite direction of your trade
Margin Call
Your losses approach the maintenance margin level -- warning issued
Liquidation
Exchange force-closes your position. You lose your deposited margin.
Long vs Short Liquidation
Long Liquidation
When price dropsYou open a LONG position expecting the price to go UP. Instead, the price DROPS. When it drops far enough, your position is liquidated. In the February 2026 crash, 91% of all $2.1B in liquidations were longs -- traders who bet BTC would keep going up.
Beispiel: Sie longieren BTC bei $80,000 mit 10x Hebelwirkung. Ihr Liquidationspreis beträgt ca. $72,800. BTC fällt auf $68,000 – Sie werden liquidiert und verlieren Ihre gesamte Marge. You long BTC at $70,000 with 10x leverage ($1,000 margin). BTC drops to $63,000 (-10%). Your $1,000 margin is wiped. Position force-closed.
Short Liquidation
When price risesYou open a SHORT position expecting the price to go DOWN. Instead, the price RISES. When it rises far enough, your position is liquidated. Short squeezes happen when mass short liquidations push the price even higher, creating a cascade in the opposite direction.
Beispiel: Sie shorten BTC bei $80,000 mit 10x Hebelwirkung. Ihr Liquidationspreis beträgt ca. $72,800. Wenn BTC auf $68,000 springt, werden Sie liquidiert. You short BTC at $70,000 with 10x leverage ($1,000 margin). BTC rises to $77,000 (+10%). Your $1,000 margin is wiped. Position force-closed.
Wie Leverage funktioniert
Leverage lets you control a larger position with less capital. While it amplifies potential profits, it equally amplifies losses. Here is how different leverage levels affect your liquidation risk:
| Leverage | Required Margin | Liquidation Distance | Risk Level | Example ($1,000 margin) |
|---|---|---|---|---|
| 1x (Spot) | 100% | N/A (no liquidation) | Safe | $1,000 → $1,000 position |
| 2x | 50% | ~50% move | Safe | $1,000 → $2,000 position |
| 5x | 20% | ~20% move | Moderate | $1,000 → $5,000 position |
| 10x | 10% | ~10% move | Moderate | $1,000 → $10,000 position |
| 20x | 5% | ~5% move | High | $1,000 → $20,000 position |
| 50x | 2% | ~2% move | Extreme | $1,000 → $50,000 position |
| 100x | 1% | ~1% move | Suicidal | $1,000 → $100,000 position |
| 125x | 0.8% | ~0.8% move | Suicidal | $1,000 → $125,000 position |
At 100x leverage, a mere 1% price move wipes your entire position. During the Feb 2026 crash, BTC dropped 19% in 36 hours. Anyone using 5x or higher leverage on a long was liquidated. BTC regularly moves 5-15% in a single day during volatile markets. At 20x leverage, a 5% move liquidates you. At 100x, a 1% move -- which can happen in seconds -- wipes your position entirely. Over 90% of traders using high leverage lose money.
Cross Margin vs Isolated Margin
Querrand
- •Your ENTIRE account balance is used as collateral
- •Higher liquidation threshold (harder to get liquidated on single trade)
- •BUT: one bad trade can wipe your ENTIRE account
- •Risk of negative balance in extreme flash crashes
Verdict: Dangerous for beginners. One cascading event can destroy your entire portfolio.
Isolierter Rand
- •Only the margin allocated to that trade is at risk
- •Lower liquidation threshold (easier to get liquidated per trade)
- •Your other funds and positions are PROTECTED
- •Maximum loss is limited and known in advance
Verdict: RECOMMENDED for all traders. Limits risk to individual positions. Always use this.
Pro Tip: On Binance, OKX, and Bybit, you can switch between Cross and Isolated margin for each position. Always select Isolated Margin before opening a new leveraged trade. This single setting could save your entire account during a crash.
So wird der Liquidationspreis berechnet
Der genaue Liquidationspreis hängt von Ihrem Hebel, dem Einstiegspreis, der Art der Marge und dem Wartungsmargensatz der Börse ab. Hier ist die vereinfachte Formel:
Long Position Formula
Short Position Formula
Example: BTC Long at $68,000 with 10x Leverage
Case Study: February 2026 $2.1B Liquidation Event
The February 4-5, 2026 liquidation cascade was one of the largest in crypto history. Triggered by Trump's global tariff war, it demonstrates exactly how cascading liquidations create a waterfall effect that amplifies price crashes far beyond the initial selling pressure.
Tariffs Take Effect
BTC at $84K. First wave of selling as Asian markets react. $400M liquidated in first 6 hours as overleveraged longs at $80K+ get wiped.
Cascade Accelerates
BTC drops through $74K. $1.3B total liquidated. Each liquidation pushes price lower, triggering the next wave. Clustered stop-losses between $72K-$74K accelerate the fall.
The 45-Minute Waterfall: $890M Liquidated
BTC breaks $70K. Massive cluster of liquidation orders between $69K-$71K trigger simultaneously. $890M liquidated in 45 minutes. Price crashes to $68,200. 91% of liquidations are longs.
Historische wichtige Liquidationsereignisse
COVID-19 Black Thursday
March 2020Global pandemic panic -- BTC crashed from $8K to $3.8K in 24 hours. BitMEX went down during the cascade.
China Mining Ban Crash
May 2021China banned crypto mining and trading. BTC fell from $58K to $30K over 2 weeks. Largest liquidation event in crypto history.
FTX Collapse
November 2022FTX exchange insolvency revealed. BTC crashed from $21K to $15.5K. Trust in centralized exchanges shattered.
Trump Trade War Crash
February 2026Global tariff war escalation. BTC crashed from $84K to $68K. 310,000+ traders wiped out. $890M liquidated in 45 minutes.
2022 Strategien zur Vermeidung einer Liquidation
Always Use Stop-Loss Orders
A stop-loss automatically closes your position at a predetermined price. Without one, a sudden crash can liquidate your entire margin before you can react. Set stop-losses at 2-5% below entry for leveraged trades.
Keep Leverage at 2-5x Maximum
At 10x leverage, a mere 10% move liquidates you. At 50x, a 2% move wipes your position. BTC regularly moves 5-15% in a single day during volatile markets. Low leverage gives you room to survive.
Use Isolated Margin (Not Cross)
Isolated margin limits your loss to the margin allocated to that specific trade. Cross margin uses your entire account balance as collateral -- meaning one bad trade can wipe your whole account.
Never Risk More Than 1-2% Per Trade
Professional traders risk 1-2% of their total account per trade. If you have $10,000, risk $100-$200 maximum per position. This way, even 10 consecutive losses only cost 10-20% of your capital.
Monitor Funding Rates
High positive funding rates mean longs are overleveraged and paying shorts. This often precedes a long squeeze (mass long liquidation). High negative funding signals the opposite. Use funding rates as a crowding indicator.
Keep Dry Powder (Stablecoin Reserve)
Hold 20-40% of your portfolio in stablecoins (USDT/USDC). This serves two purposes: it protects capital during crashes and gives you buying power to enter after liquidation cascades create discounted prices.
Sicher handeln am 0
Nutzen Sie isolierte Margen, legen Sie Stop-Losses fest und handeln Sie mit einem Hebel von bis zu 1x an der größten Börse der Welt. Erhalten Sie 2% Rabatt auf alle Handelsgebühren mit unserem exklusiven Empfehlungscode.
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Häufig gestellte Fragen
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Wichtiger Risikohinweis
- •Leveraged Trading birgt ein extremes Totalverlustrisiko. Über $2.1 Milliarden wurden in 24 Stunden am 4-5, 2026 Februar liquidiert.
- •$2.1+ Händler haben ihre Positionen an einem einzigen Tag verloren. Die Mehrheit nutzte eine Hebelwirkung über 24x.
- •Cross-Margin kann zur vollständigen Kontoauflösung führen. Verwenden Sie für das Risikomanagement auf Positionsebene immer eine isolierte Marge.
- •Liquidationsereignisse können kaskadieren und dazu führen, dass die Preise weit über das normale technische Niveau hinaus fallen.
- •Handeln Sie niemals mit Geld, dessen Verlust Sie sich nicht leisten können. Beginnen Sie mit einer geringen Hebelwirkung ($2.1-24x) und kleinen Positionsgrößen.
- •Dieser Artikel dient ausschließlich Informationszwecken und stellt keine Finanz- oder Anlageberatung dar.
Sicher handeln am 0
Lernen Sie aus dem $2.1B-Liquidationsereignis. Nutzen Sie isolierte Margen, legen Sie Stop-Losses fest und handeln Sie mit den Tools, um Ihre Positionen zu schützen. Erhalten Sie 24 Rabatt auf alle Handelsgebühren mit unserem exklusiven Empfehlungscode.
Dieser Artikel dient nur zu Informations- und Bildungszwecken. Der gehebelte Kryptohandel birgt ein erhebliches Totalverlustrisiko. Die bereitgestellten Informationen stellen keine Anlageberatung dar. Vergangene Liquidationsdaten werden zu Bildungszwecken angezeigt. Verwenden Sie immer Risikomanagement-Tools, einschließlich Stop-Losses und isolierter Marge. Investieren Sie niemals mehr, als Sie sich leisten können, zu verlieren.