Mass Liquidation of $178 Million Occurred in Crypto Markets Within 24 Hours

In the past 24 hours, a wave of large position liquidations worth $178 million has occurred in the cryptocurrency market. According to CoinGlass data, these liquidations include $143 million from long positions and $34.715 million from short positions. This liquidation process forced 69,679 traders to exit their positions, causing noticeable volatility in the market. Price fluctuations averaging around $580 triggered many traders’ stop-loss levels.

Long Positions Suffer Heavy Losses

The most significant impact of the liquidation process was felt by long position holders. The $143 million in long position liquidations account for approximately 80% of the total liquidation volume, highlighting the strength of selling pressure in the market. The much greater impact on long positions compared to short positions indicates weak buying support and the rapid downward movement of prices.

Dominant Role in Bitcoin and Ethereum Markets

Bitcoin and Ethereum topped the liquidation list. Liquidations of $66.691 million for Bitcoin and $42.15 million for Ethereum were recorded. The combined liquidation volume of these two cryptocurrencies makes up more than half of the total liquidation value, clearly demonstrating how large-cap assets can trigger market activity.

Record Single Liquidation on Hyperliquid

The most notable development occurred on Hyperliquid with the BTC-USD trading pair. A single position liquidation reaching $36.007 million shows how important this decentralized derivatives platform has become in terms of trading volume and participant size. Such a large single liquidation is a concrete indicator of the strength of the liquidation wave.

Overall, market dynamics suggest traders should review their risk management strategies and remember that critical price levels like $580 could continue to trigger liquidations in the future.