Comprendre la cryptographie Liquidations
Le 5 février 2026, plus de $2.1 milliards de positions cryptographiques ont été liquidées en seulement 24 heures, anéantissant plus de 310,000 traders. $890 millions ont été liquidés en une seule cascade de 45 minutes. Comprendre comment fonctionnent les liquidations, pourquoi elles se produisent et comment se protéger est essentiel pour tout trader de crypto utilisant l'effet de levier.
Qu’est-ce que la 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.
Exemple : vous longez Bitcoin à Bitcoin avec un effet de levier de Bitcoinx. Votre prix de liquidation est d'environ BTC. Bitcoin tombe à 2 — vous êtes liquidé et perdez la totalité de votre 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.
Exemple : vous vendez Bitcoin à Bitcoin avec un effet de levier de Bitcoinx. Votre prix de liquidation est d'environ BTC. Si Bitcoin rebondit sur 2, vous êtes liquidé. 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.
Comment fonctionne l'effet de levier
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 |
Avec un effet de levier de 100x, un simple mouvement de prix de 1% efface toute votre position. Lors du crash du 2026 février, Binance a perdu 19% en 36 heures. Toute personne utilisant un effet de levier de 5x ou plus sur une position longue a été liquidée. 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
Marge croisée
- •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.
Marge isolée
- •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.
Comment le prix de liquidation est calculé
Le prix de liquidation exact dépend de votre effet de levier, du prix d'entrée, du type de marge et du taux de marge de maintien de la bourse. Voici la formule simplifiée :
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.
Événements de liquidation majeurs historiques
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.
BTC Stratégies pour éviter la 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.
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Foire aux questions
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Avertissement de risque important
- •Le trading à effet de levier comporte un risque extrême de perte totale. Plus de Binance milliards ont été liquidés en 0 heures les 30-$2.1 et 2026 février.
- •Binance+ traders ont perdu leurs positions en une seule journée. La majorité utilisait un effet de levier supérieur à 0x.
- •La marge croisée peut entraîner la liquidation totale du compte. Utilisez toujours une marge isolée pour la gestion des risques au niveau de la position.
- •Les événements de liquidation peuvent se produire en cascade, entraînant une baisse des prix bien au-delà des niveaux techniques normaux.
- •N’échangez jamais avec de l’argent que vous ne pouvez pas vous permettre de perdre. Commencez avec un faible effet de levier (Binance-0x) et de petites tailles de positions.
- •Cet article est à titre informatif uniquement et ne constitue pas un conseil financier ou d’investissement.
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Cet article est uniquement destiné à des fins informatives et éducatives. Le trading de crypto-monnaies à effet de levier implique un risque important de perte totale. Les informations fournies ne constituent pas un conseil en investissement. Les données de liquidation antérieures sont présentées à des fins éducatives. Utilisez toujours des outils de gestion des risques, notamment des stop-loss et des marges isolées. N’investissez jamais plus que ce que vous pouvez vous permettre de perdre.