The cryptocurrency market experienced a sharp downturn over the past 24 hours, triggering a massive wave of forced liquidations across leveraged positions. Data from Coinglass reveals that total liquidations hit $1.11 billion, with long positions accounting for $830 million and short positions for $280 million. The near 3-to-1 ratio underscores the dominance of bearish price action, heavily penalizing traders who held bullish bets.
Bitcoin and Ethereum Lead the Liquidation Wave
Breaking down by asset, Bitcoin futures saw $252 million in long liquidations and $166 million in short liquidations. Ethereum traders were also hit hard, with $173 million in longs and $51.04 million in shorts wiped out. In both cases, long-sided traders bore the brunt, reflecting steep price drops that cascaded through leveraged positions.
The liquidation event was widespread: over the same 24-hour period, 234,992 traders globally were liquidated. The single largest liquidation order occurred on the Hyperliquid exchange for the BTC-USD perpetual contract, worth a staggering $16.1984 million. Such large-scale forced closures often contribute to self-reinforcing sell-offs, amplifying market volatility and underscoring the high-risk nature of leveraged trading.