Ether Liquidations Trigger $2.5 Billion in 24-Hour Crypto Losses
A massive Ether liquidation on Hyperliquid set off a wave of forced sell-offs, pushing total crypto liquidations past $2.5 billion within 24 hours.
One trader reportedly lost more than $220 million on an ETH position, the largest single wipeout of the session. Hyperliquid saw the biggest hit, with a $222.65 million ETH-USD position forcibly closed, according to CoinGlass.
Ether led the declines, sliding as much as 17%, alongside Bitcoin and other major tokens amid thin liquidity. In total, 434,945 traders were liquidated, with long positions accounting for $2.42 billion of the $2.58 billion total, and shorts contributing just $163 million.
Hyperliquid recorded $1.09 billion in liquidations—mostly longs—representing over 40% of exchange-wide losses. Bybit and Binance followed with $574.8 million and $258 million, respectively. Bitcoin and Solana saw roughly $788 million and $200 million wiped out.
Liquidations occur when leveraged positions exceed margin limits, forcing automatic closures that can cascade across markets. Traders track these events to gauge sentiment, spot overcrowded positions, and identify potential reversals, especially during volatile, low-liquidity conditions.
