The cryptocurrency market faced a severe downturn, with liquidations estimated at $1.2 billion over a 24-hour period, according to Cointelegraph data. Over 307,000 traders were affected by rapid sell-offs, as sharp price movements triggered automatic liquidations across major exchanges.
Bitcoin led the wave of liquidations with approximately $232.9 million, followed by Ethereum at $165.3 million, based on reports from Crypto Patel. Solana and other altcoins collectively accounted for over $120 million in forced liquidations, highlighting the broad impact of the market turmoil.
The largest single liquidation was a $20.4 million Ethereum long position on the Hyperliquid exchange, marking one of the most significant individual losses. Long positions dominated the losses, totaling $511 million, while short liquidations amounted to $203 million, reflecting the vulnerability of leveraged traders to sudden price swings.
This event underscores the risks of high leverage in crypto trading, as cascading liquidations can amplify market instability. Analysts note that such episodes serve as a reminder for traders to manage risk and avoid overexposure during volatile times.
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