The crypto market faced a significant downturn, with over $1.36 billion in positions liquidated in the past 24 hours, according to CoinGlass — one of the largest sell-offs in recent months.
The majority of losses came from long positions, totaling nearly $1.21 billion across 327,000 traders. Major cryptocurrencies such as Bitcoin, Ethereum, and Solana were among the hardest hit, sending ripples through leading exchanges and amplifying market volatility.
Bitcoin and Ethereum Lead Crypto Liquidations
The recent market sell-off saw Bitcoin at the top of the liquidation charts, with $411 million in forced sell-offs. Ethereum followed with $355 million, together accounting for more than half of the total $1.36 billion wiped out. Solana also suffered, with $156 million liquidated, while other major altcoins like XRP, Dogecoin, and BNB faced significant losses. Smaller tokens, including TON, AVAX, ADA, and PEPE, were not spared, highlighting the broad-based nature of the correction.
The largest single liquidation occurred on HTX (formerly Huobi), where a $47.87 million BTC/USDT position was wiped out, illustrating how quickly leveraged trades can unravel in volatile markets — especially after weeks of bullish sentiment.
Exchanges Drive Liquidation Activity
Most liquidations were concentrated on a few major platforms:
- Hyperliquid: $397 million (98% longs)
- Bybit: $335 million
- Binance: $242 million
- HTX: $150 million
Other exchanges, including Gate.io, OKX, and CoinEx, also recorded tens of millions in forced sell-offs. Overall, nearly 90% of liquidations came from long traders, reflecting how bullish bets dominated before the sudden downturn.
Leverage Amplifies Losses
The liquidation event affected over 327,000 traders in just 24 hours, marking one of the steepest days since early October. While far from the historic $19.1 billion wipeout triggered by U.S.-China tariff tensions in October 2025, the scale of the latest losses underscores the fragility of leveraged positions in a volatile market. Despite Bitcoin and Ethereum’s strong rally this year, traders remain vulnerable when optimism meets overexposure.
What’s Next for the Market
Analysts suggest this sell-off may help reset market leverage, paving the way for a more stable recovery. Historically, liquidation cascades clear excess speculation, allowing for healthier price action in the weeks following. However, with long positions still dominant and macro uncertainties lingering, traders are advised to remain cautious. In crypto, the line between profit and liquidation can vanish in seconds — as the past 24 hours have starkly demonstrated.
