TLDR
About $1.9$2.2 billion of crypto derivatives were liquidated over the past 24 hours (UTC), largely from long positions, per multiple market reports here and here.
- Bitcoin (BTC) led with roughly $1.0 billion in long liquidations reported here.
- The largest single position closed was about $36.78 million on Hyperliquid per this report.
- At peak, nearly $1 billion was flushed in a single hour as noted here.
Deep Dive
1. Magnitude Today
Most trackers show roughly $1.9$2.2 billion liquidated in the last 24 hours, with long positions making up the bulk of the wipeout. One roundup put longs near $1.78$2.0 billion versus about $130$140 million in shorts summary and update.
Figures differ across outlets and sampling windows. The spread reflects intraday timing and which venues the data sources include explainer.
2. Where It Hit
BTC and ETH absorbed most of the damage. Reports cite around $1.0$1.13 billion of BTC liquidations and roughly $403$428 million for ETH, with notable spillover to SOL among majors breakdown and additional detail.
Solana (SOL) long liquidations were noted around $105 million in one tally, highlighting concentration in large caps during stress context.
If your exposure centers on BTC and ETH, your portfolios near-term risk was primarily leverage-driven. A focus on depth and funding conditions matters more than short-term narratives during these cascades.
3. Cadence And Triggers
The selloff came in waves across one-hour and four-hour panels, rather than a single print, consistent with successive breaks of support and forced unwinds dashboard summary.
One intense burst saw nearly $1 billion liquidated in an hour, and the largest single position closed was approximately $36.78 million on Hyperliquid hourly note and largest trade.
Low depth plus leveraged flows can widen spreads and accelerate drawdowns during these sequences.
Conclusion
Todays liquidation wave was heavy, concentrated in longs and in large caps like BTC and ETH, consistent with a leverage-washout regime. If these conditions persist, monitor breadth and funding, not just prices. A practical next step is to track whether hourly liquidation intensity cools; sustained moderation typically precedes cleaner stabilizations.
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