Crypto Derivatives Market Suffers $684M Liquidation in 24-Hour Window
The cryptocurrency derivatives market experienced a significant downturn yesterday, with over $684 million in leveraged positions being wiped out across exchanges within a 24-hour window.
This massive liquidation event saw short sellers absorbing the bulk of the losses at approximately $422 million compared to $261 million from longs, impacting roughly 100,000 traders who got caught on the wrong side of the trade.
The damage was not limited to Bitcoin, as Ethereum actually led the carnage with approximately $262 million in forced closures, indicating that 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.