Crypto Derivatives Market Sees Record $684M Liquidations Amid Macro Turbulence

The crypto derivatives market experienced a chaotic day on June 23, as over $684 million in leveraged positions were liquidated across exchanges. This figure is comprised of roughly $422 million in short liquidations and $261 million from longs. Approximately 100,000 traders got caught on the wrong side of the trade.

Ethereum was the hardest hit asset, with around $262 million in forced closures, suggesting ETH traders were aggressively leveraging their positions into what turned out to be a volatile session. Bitcoin accounted for roughly $182 million of the total liquidations.

The single largest individual liquidation was a $20.28 million ETH-USD perpetual position on Hyperliquid. Binance, Hyperliquid, Bybit, OKX, and Gate.io all saw significant volume surges as the liquidation cascade unfolded.