Crypto Market Hit by $1.15B in Liquidations, Single Bitcoin Trader Loses $200M
Crypto bulls suffered a major blow on Thursday as over $1.15 billion in leveraged positions were liquidated across major exchanges, marking one of the most severe sell-offs the market has seen in recent months.
The most significant loss came from a single bitcoin long position on Binance, liquidated for $200 million — one of the largest individual losses recorded this year. The identity behind the position remains unknown, as exchanges typically do not disclose trader information.
According to data from Coinglass, more than 247,000 traders were liquidated in just 24 hours. Long positions accounted for over $1 billion in losses, highlighting an overly optimistic market stance driven by bullish momentum, including Circle’s highly anticipated IPO and renewed interest in U.S.-centric DeFi projects.
Bitcoin dropped over 3%, trading at $104,700 during afternoon hours in Asia, while Ethereum fell 8% to $2,530. Other major tokens also took a hit, with Solana (SOL) and Dogecoin each down more than 8%, and XRP sliding to $2.20.
Binance and Bybit saw the most liquidations, together accounting for more than $834 million in forced trade closures.
Liquidations occur when traders using leverage fail to maintain adequate margin levels. Exchanges then automatically close positions to limit losses, often triggering a cascade of sell-offs during high volatility.
