The cryptocurrency market endured a severe bout of volatility over a 24-hour period, leading to massive liquidations totaling $319.44 million. Data from analytics firm Phoenix Group shows that a staggering 112,329 traders were liquidated during this timeframe.
Exchanges at the Epicenter: The leading platforms by liquidation volume were Binance, which saw $77.83 million in liquidated positions (64.26% longs, 35.74% shorts), and Bybit, with $51.22 million liquidated (52.68% longs, 47.32% shorts). Hyperliquid followed as the third-largest venue, recording $50.24 million in liquidations, predominantly from long positions (74.77%). Other exchanges including Gate.io ($44.25M), Bitget ($33.59M), and OKX ($26.65M) also reported significant figures.
Assets Hit Hardest: Ethereum (ETH) led the losses, with 50.31K ETH liquidated worth approximately $110.74 million. Bitcoin (BTC) followed closely, with 1.29K BTC liquidated for about $92.46 million. Solana (SOL) was the third most-affected major asset, with 113.95K SOL liquidated totaling $9.36 million. Other notable liquidations included Ripple (XRP) at $3.75 million and Dogecoin (DOGE) at $3.61 million.
High-Leverage Peril Highlighted: Separately, market attention was drawn to an extreme example of leverage risk. A single trader opened a 25x leveraged short position on 6,700 ETH, valued at $14.71 million, with an entry price of $2,209. This position is perilously close to liquidation, requiring a price move of only $9 higher to be completely wiped out. This case underscores the amplified dangers of high-leverage trading in volatile crypto markets, where even minor price fluctuations can trigger outsized losses.
