TLDR
Bitcoin (BTC) and Ethereum (ETH) saw the biggest liquidations today, with the largest single wipeout being a $11.08M BTC-USD position on Hyperliquid per a market update (largest single wipeout).
- Total 24h liquidations were about $121.7M, with BTC and ETH topping the list (market snapshot).
- Solana (SOL) also featured among todays most liquidated majors (top hits list).
- Thin holiday liquidity and ETF outflows have kept majors vulnerable to whipsaws (holiday tape context).
Deep Dive
1. BTC and ETH Lead
BTC and ETH are consistently the largest liquidation magnets during high-volatility sessions, and today they again led the 24h liquidation board.
- A market dashboard highlighted $121.7M in total liquidations with BTC and ETH at the top, and the single biggest liquidation a $11.08M BTC-USD position on Hyperliquid (market snapshot).
- Recent readings this week showed similar concentration: one report tallied BTC at $62M and ETH at $58.2M in 24h liquidations during choppy conditions (recent breakdown).
When volatility spikes, majors with deep derivatives markets (BTC, ETH) typically absorb most of the forced deleveraging.
2. SOL Also Hit
SOL appeared among the most liquidated majors today, continuing its pattern of outsized swings during risk-off tapes.
- Todays top-hit list included SOL among majors affected (top hits list).
- In adjacent sessions this week, SOL saw ~$20.7M in 24h liquidations during broader risk-off moves (recent breakdown).
High-beta majors like SOL can see heavier liquidation waves when liquidity is thin and ranges break.
3. Why Liquidations Clustered Today
Holiday-thinned liquidity, persistent ETF outflows, and looming options expiries have kept positioning fragile.
- Holiday trading conditions and continued ETF outflows have weighed on BTC and ETH, limiting follow-through and making squeezes more likely (holiday tape context).
- A large $28B BTC and ETH options expiry on Dec 26 is anchoring ranges and can amplify post-expiry volatility (expiry context).
Into year-end, thin depth plus event risk can turn small moves into liquidation cascades across majors.
Conclusion
Todays biggest liquidations were concentrated in BTC and ETH, with SOL also affected. Into the options expiry and holiday lull, watch ETF flows, open interest, and liquidity depth. If positioning remains heavy and ranges break, majors are likely to bear the brunt of any further liquidation waves.
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