The cryptocurrency market faced one of its most severe shakeups in months, with over $9.58 billion in leveraged positions wiped out within the last 24 hours.
According to liquidation data, more than 1.52 million traders were liquidated as Bitcoin, Ethereum, and Solana suffered massive price corrections across major exchanges.
Bitcoin (BTC) led the liquidations with $2.49 billion, followed closely by Ethereum (ETH) at $2.25 billion. Solana (SOL) and XRP also saw steep losses, with $824.5 million and $501 million liquidated, respectively. Other altcoins collectively accounted for over $1.16 billion in forced liquidations.
During the most volatile 4-hour period, total liquidations reached $8.67 billion, with $7.26 billion coming from long positions as traders bet on a market rebound that never materialized. Short positions accounted for $1.42 billion, suggesting that bearish traders also faced losses as the market rapidly fluctuated.
Across the entire 24-hour window, $8.02 billion in long positions were liquidated compared to $1.56 billion in shorts, reflecting the scale of over-leveraged bullish exposure during the downturn. The largest single liquidation occurred on HTX (formerly Huobi), involving a BTC-USDT order valued at $87.53 million.
Analysts say the sell-off could mark a major liquidity flush-out before potential market stabilization. Volatility spiked across all major cryptocurrencies, with Bitcoin briefly recovering some of its intraday losses after the mass liquidation event.
As the crypto market attempts to find balance, traders remain cautious amid ongoing macroeconomic uncertainty and increased correlation between digital assets and global risk markets.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.