The crypto derivatives market just had a very expensive day. Over $684 million in leveraged positions were wiped out across exchanges in a 24-hour window, with short sellers absorbing the lion’s share of the pain at roughly $422 million in liquidations compared to $261 million from longs.
Approximately 100,000 traders were caught on the wrong side of the trade.
Where the damage landed
Bitcoin accounted for roughly $182 million of the total liquidations. Ethereum actually led the carnage with approximately $262 million in forced closures, suggesting ETH traders were running hotter leverage into what turned out to be a volatile session.
The single largest individual liquidation was a $20.28 million ETH-USD perpetual position on Hyperliquid.
