The crypto market was hit by a sharp wave of liquidations, with over $226 million wiped out in just one hour, according to the latest data.
The overwhelming majority of the losses came from long positions, which accounted for more than $218 million, while shorts saw only about $8 million liquidated.
Ethereum traders bore the brunt of the impact, with more than $107 million in ETH positions closed, making it the largest single-asset liquidation event of the day. Bitcoin followed with over $55 million liquidated, while Solana, XRP, and BNB also faced notable wipeouts of $10.1 million, $5.5 million, and $5.6 million respectively.
The mass liquidations coincided with a broader market downturn. Bitcoin fell below $111,000, sliding 3.3% in the past 24 hours and over 6% on the week. Ethereum dropped even harder, losing 6.5% in 24 hours and 15% over the past seven days, trading near $3,905. Solana faced one of the steepest declines among major altcoins, down more than 21% on the week to $196.
Other top cryptocurrencies also posted heavy losses. XRP slipped nearly 6% in a day, Cardano tumbled 6.5%, and Dogecoin was down over 8%. Across the board, altcoins showed weakness, amplifying pressure on leveraged long traders.
With nearly all major tokens flashing red and over $200 million in longs erased in one hour, analysts warn that markets may remain volatile in the short term. High leverage continues to play a pivotal role in intensifying moves, leaving traders vulnerable to sudden liquidation cascades.
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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.
Source: https://coindoo.com/crypto-bloodbath-226m-wiped-out-in-an-hour-longs-take-the-biggest-hit/