In cryptocurrency futures trading, liquidation occurs when a trader's margin falls below the maintenance requirement, forcing the exchange to close the position. Over the past 24 hours, the market witnessed a significant wave of liquidations. According to data from CoinGlass, total liquidations across exchanges reached $1.777 billion, affecting 277,481 traders. Long positions bore the brunt, with $1.597 billion wiped out, compared to just $181 million in short liquidations, meaning longs accounted for nearly 90% of the total.
Liquidation Breakdown by Asset
By coin, Bitcoin (BTC) topped the list with $58.13 million in liquidations, but privacy coin ZEC followed closely at $53.88 million, surpassing Ethereum (ETH) at $25.64 million and LAB token at $19.66 million. The combined BTC and ZEC liquidations exceeded $110 million, a notable deviation from the typical BTC-ETH dominance in liquidation rankings.
The largest single liquidation order occurred on the decentralized derivatives platform Hyperliquid, where a BTC-USD perpetual contract position was liquidated for $27.49 million. This order represented about 1.55% of the total 24-hour liquidation volume and stands as the biggest individual liquidation of the period.