The cryptocurrency market saw over $435 million in liquidations within 24 hours, yet prices defied the usual trend by holding steady or even climbing slightly. More than 113,000 traders were affected, with long positions taking the brunt at $324 million lost, compared to $111 million on shorts.
Liquidation Breakdown by Asset and Exchange
Ethereum led liquidations with a staggering $74 million wiped out, followed by Bitcoin’s $61 million. Smaller coins such as Ripple and Dogecoin experienced comparatively minor liquidations. Meanwhile, specific tokens like SNDK and SK Hynix suffered notable blows, with $34.7 million and $25.9 million liquidated respectively. Exchange-wise, Binance saw the largest share, accounting for nearly half of total liquidations at $201 million. Hyperliquid followed with $94 million, while OKX, Bybit, and Bitget also faced significant losses.
Price Stability Amid Heavy Liquidations
Normally, liquidations spark sharp price drops as forced selling triggers further margin calls. This time, however, the broader market value inched up 1.2% to $2.2 trillion. Bitcoin rose 1.6% to just over $64,300, and Ethereum climbed 1.5% toward $1,913. One exception was Hyperliquid’s SK Hynix perpetual contract, which plunged almost 18% momentarily due to an erroneous external trade from a Korean market, a clear outlier.
The recent liquidation wave does not signal a crash but appears to be a market reset reflecting ongoing consolidation. Investor sentiment remains cautious, with the Crypto Fear and Greed Index lingering in “Fear” territory at 29. Compared with the record $19 billion wiped out in October 2025, current liquidations are modest, though they sustain the volatile tug-of-war between bulls and bears. Bitcoin’s steady performance amid this turmoil highlights a market in flux but not collapse.
This material is for informational purposes only and does not constitute financial advice.
