$88.23 million in longs were wiped at around 7:00 a.m. (UTC), followed by an additional $57.02 million at 8:00 a.m. (UTC), per real-time liquidation data Finbol retrieved from CoinGlass.
The biggest number of liquidations ($45 million all in all) took place on the Hyperliquid cryptocurrency exchange, which also saw the single largest liquidation order, valued at $3.63 million.
Adjusting for the new figures, a total of $464.44 million in crypto has been rekt in the past 24 hours, with more than 137,000 traders being affected.
Bitcoin was the most affected, accounting for $66.53 million, nearly double the $33.78 million recorded by Ethereum (ETH).
As mentioned, the sell-off was driven primarily by Bitcoin’s flash crash, which dragged the price down to $89,600 and showed just how fragile leveraged trades can be in a volatile environment.
Likewise, the liquidations followed significant outflows from U.S. spot Bitcoin ETFs, with $486 million in total daily net redemptions (the largest single-day outflow since November 20), recorded the day prior.
In the aftermath, a number of digital assets have been left in the red on the daily chart. Bitcoin, although it’s again trading above $90,000, is still down 1.7%, while Ethereum fell 2.8%, now being priced at $3,125. XRP, which saw more than $6 million liquidated in the same hourly frame, has plummeted 6.8%, changing hands at $2.10.
In sum, the broader crypto market has lost 2.19% in value, going from $3.21 trillion on January 7 down to $3.09 trillion at press time, according to CoinMarketCap.
