Massive ETH Liquidation Pushes Crypto Losses Past $2.5 Billion in 24 Hours
A massive Ether liquidation on Hyperliquid triggered a leverage-driven sell-off, sending total crypto liquidations over $2.5 billion in just 24 hours.
One trader alone lost more than $220 million on an ETH position as forced liquidations swept through the market, according to CoinGlass data. The largest single liquidation occurred on decentralized derivatives exchange Hyperliquid, where an ETH-USD position worth $222.65 million was wiped out.
The event coincided with Ether sliding as much as 17% over the same period, mirroring sharp declines in Bitcoin and other major tokens amid thin market liquidity. In total, 434,945 traders were liquidated in the past day, with long positions accounting for roughly $2.42 billion of the $2.58 billion total, while shorts contributed only $163 million.
Hyperliquid suffered the most, recording $1.09 billion in liquidations—mostly from long positions—representing more than 40% of total exchange-wide losses. Bybit followed with $574.8 million, and Binance reported about $258 million. Ether bore the heaviest losses, with over $1.15 billion in positions liquidated, followed by Bitcoin at $788 million and Solana near $200 million.
Liquidations occur when leveraged positions are forcibly closed after prices move beyond a trader’s margin threshold, often causing cascading losses in volatile markets. Traders monitor liquidation data to assess market sentiment, detect overcrowded positions, and identify potential reversals. Combined with metrics like open interest and funding rates, liquidation trends can offer strategic entry or exit points, particularly in thinly traded markets prone to rapid flushes or rallies.
