TLDR
Bitcoin (BTC) and Ethereum (ETH) led liquidations this week, with BTC topping most sessions and ETH close behind.
- Bitcoin (BTC): examples include about $132 million in daily liquidations on Jan 9 per a market update.
- Ethereum (ETH): roughly $116 million the same day per the report above.
- Solana (SOL) and XRP rotated third place, with ~$15.3 million and ~$11 million midweek per The Defiant.
Deep Dive
1. BTC Led Most Sessions
Bitcoin consistently carried the largest liquidation share as leverage rebuilt and price swings flipped traders. On Jan 9, BTC accounted for about $132 million of daily liquidations as a sharp drop caught longs offside, with total market liquidations over $462 million that day per a market update.
Exchange data also highlighted outsized BTC events. A recent 24?hour window saw $447 million in total liquidations and the largest single hit on Hyperliquids BTC?USD pair, per an exchange update.
BTCs size and leverage concentration make it the primary driver of large liquidation waves when momentum reverses.
2. ETH Close Behind
ETH frequently ranked second by liquidation volume. On Jan 9 it saw about $116 million, nearly matching BTCs tally per the update above.
In other sessions ETH led by share, with about $77 million versus BTCs ~$75.2 million, while SOL and XRP trailed, per a market note.
Elevated ETH leverage and active derivatives positioning keep ETH near the top of liquidation leaderboards when volatility spikes.
3. Rotating Third: SOL and XRP
Third place rotated among majors. Midweek figures showed Solana ~$15.3 million and XRP ~$11 million per the note above. On the earlier up?day, SOL ~$13.41 million was cited as shorts were squeezed when BTC rallied, per Daily Hodl.
Anomaly: one report flagged Zcash ~$24 million as third on Jan 9, an unusual non?major appearance driven by sharper coin?specific declines, per the same market update.
Outside BTC and ETH, the third slot depends on which major sees the days largest move and leverage buildup; it can occasionally be a non?major when an outsized swing hits that asset.
Conclusion
BTC and ETH consistently led liquidations this week, reflecting their dominant leverage and market depth. The third place rotated between SOL and XRP, with occasional outliers when a non?major experienced sharper declines. If you are monitoring risk, watch open interest and funding across BTC and ETH first, then track which major shows the strongest momentum shift day to day.
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