Bitcoin liquidation frenzy underway, millions of large accounts wiped out overnight

The crypto market experienced a “liquidation frenzy” in the past 24 hours. According to on-chain data, the total liquidation amount reached $258 million, with long positions liquidated at $155 million and short positions at $103 million. The force of long positions being wiped out was significantly stronger, accounting for 60%, indicating that this round was primarily driven by long traders placing buy orders.

Bitcoin Liquidation Takes the Spotlight

As a market indicator, Bitcoin’s liquidation amount reached $117 million, accounting for 45% of the total liquidations. Among them, long positions bore the heaviest pressure, with $59.16 million liquidated, while short positions were liquidated at $57.68 million. The long and short positions were roughly balanced but longs appeared slightly weaker. Ethereum followed closely, with a 24-hour liquidation amount of $43.52 million (longs at $28.37 million, shorts at $15.16 million), also under considerable pressure.

Single-Trade Million-Level Liquidation Goes Viral

The most notable event was a liquidation order worth $14.14 million from Hyperliquid for the BTC-USD trading pair, dubbed a “whale liquidation.” Such large single-liquidation orders often represent stop-loss moments for leverage traders and reflect the intense market volatility.

In the past 24 hours, a total of 95,484 traders were liquidated, which means on average, more than one person was liquidated every second, testing the risk tolerance of market participants.