A $29.1 million Ether long on Hyperliquid was the largest individual liquidation in a $1.19 billion market-wide flush, as traders faced steep losses from overextended leverage.
Ether accounted for $448 million in liquidations, outpacing Bitcoin’s $278 million. Solana, XRP, BNB, and Dogecoin also saw tens of millions in forced closures. The shakeout revealed a 97% long bias on Hyperliquid, showing just how aggressively positioned traders were before the downturn.
Bybit led liquidations at $311 million, but Hyperliquid’s $281 million tally pushed it ahead of Binance, signaling rising activity on decentralized perpetual exchanges. Analysts warn that while liquidation spikes can reset markets, stretched positioning across majors leaves room for further downside.
