Which exchanges led liquidations today?

TLDR

Binance, Hyperliquid, and Bybit led liquidations today, each logging more than $160 million in forced unwinds, with longs making up nearly 90% of the total, per a market update.

1. The largest single liquidation was a $14.48 million ETH?USDC order on Binance per a report.
2. Total liquidations across exchanges were about $646 million today per a summary.
3. The flush hit early Asia hours as BTC fell ~5% and ETH ~6% per the update above.

Deep Dive

1. Top Venues

The heaviest liquidation activity concentrated on Binance, Hyperliquid, and Bybit, each surpassing $160 million. This indicates leverage and positioning were clustered on these venues during the drawdown per a market update.

• A separate summary confirms the same three venues as the days leaders, reinforcing where forced unwinds were most acute per the report.

2. Magnitude

Aggregate liquidations reached roughly $646 million across exchanges, with longs accounting for nearly 90%a sign that bullish positioning snapped as prices slipped per a summary.

• The single largest wipeout was a $14.48 million ETH?USDC position on Binance, highlighting concentration risks in major pairs per the update.

3. Timing And Price Move

The liquidation wave hit in early Asia session as Bitcoin dropped over 5% and Ethereum over 6%, flipping recent attempts at rebound and pushing prices toward Novembers lower range per the market update.

• Thin liquidity and crowded longs were cited as key accelerants, consistent with prior washouts this year per the update above.

Conclusion

Todays liquidation leadersBinance, Hyperliquid, and Bybitreflect where leverage was concentrated and where forced unwinds were most severe. With longs dominating the wipeouts and the shock starting in early Asia, monitoring funding, open interest, and depth on these venues can help gauge whether deleveraging is ending or another cascade is possible.