Cryptocurrency Market Sees Over $514 Million Liquidated, Majority from Long Positions
On December 11, 2025, the cryptocurrency market experienced a significant downturn resulting in the liquidation of more than $514 million worth of derivative positions within a 24-hour period. Of these liquidations, $376 million were attributed to long positions and $138 million to short positions.
Over 155,000 traders were liquidated during this sharp market move. The largest single forced liquidation involved a $23.18 million Bitcoin (BTC) position on Hyperliquid.
The majority of these forced unwinds were concentrated among three exchanges: Binance, Hyperliquid, and Bybit, which collectively accounted for around 72% of the total liquidation volume. Binance led with liquidations totaling $144.6 million, with 76% of these on long positions. Hyperliquid followed with $115.8 million liquidated, 83% of which were longs, and Bybit saw $109.3 million in liquidations, with 72% long positions.
Prior to the market drop, trading conditions were skewed toward long positions, supported by rising open interest and elevated funding rates. Such widespread liquidations of leveraged positions could help clear excess leverage in the market and potentially stabilize prices if key support levels are maintained.
