Over $584 Million in Crypto Positions Liquidated Amid Fragile Rally
In the past 24 hours, more than $584 million in crypto positions were liquidated, with long positions accounting for over 87% of these losses and 181,893 traders affected. Bitcoin and Ether led the liquidations, totaling $174.3 million and $189 million respectively. The largest single order was an $11.58 million BTCUSDT liquidation on Binance.
Binance, Bybit, and Hyperliquid were responsible for nearly three-quarters of the total liquidations, with Hyperliquid seeing 98% of liquidations in long positions. This market movement occurred without a major headline catalyst and is believed to align with a leverage-driven, fragile rally structure, rather than a panic sell-off.
Prices briefly fell below intraday support, triggering cascading stop-loss liquidations—a pattern typical of liquidity sweeps in range-bound or late-cycle market conditions. Market participants noted that high leverage and holiday-thinned liquidity contributed to increased market sensitivity and amplified resets.
Altcoins also experienced liquidations but on a smaller scale, with Solana at $34.5 million, XRP at $14.5 million, and Dogecoin at $11.8 million. Despite the scale of these liquidations, spot prices largely avoided a broader breakdown, indicating the event reflected positioning excesses rather than signaling a trend reversal.
Experts expect volatility to remain skewed to the downside until leverage diminishes and spot-led demand returns, with rallies remaining vulnerable to abrupt reversals.
