- Over $620M liquidated as Bitcoin surge triggers mass short position losses.
- Bybit and Binance led liquidations, with over 80% involving short trades.
- 166K+ traders impacted as leveraged positions fail amid sudden market reversal.
Over the last 24 hours, the crypto market experienced a downturn, leading to over $620 million in liquidations and impacting more than 166,000 traders globally. The data, provided by Phoenix Group, confirms that the volatility centered primarily around Bitcoin’s sudden price swing, which caught many traders off guard and led to widespread forced position closures across major exchanges.
The liquidation event can be regarded as one of the biggest mass liquidations on a single day of the year. The highest individual loss occurred on Binance, $4.33 million for the ETH/USDT pair. Most of them were short sells, which indicated that many traders longed for the prices to go down.
Bitcoin Tops Liquidation Totals with Over 0M Lost
Bitcoin (BTC) accounted for the largest share of the liquidations, totaling $302.06 million, equivalent to approximately 3,262 BTC. Ethereum (ETH) followed closely, seeing $132.54 million in liquidated trades, or 32,994 ETH.
Other affected assets are Solana, which were lower by 22.01 million with 164,845 SOL. Meanwhile, SUI, Dogecoin (DOGE), and Worldcoin (WLD) have entered the red zone at -$14.05M, -$12, 700,517 and -$11,060,674, respectively, on their liquidation.
Bybit and Binance Lead in Liquidation Volume
These liquidations were mainly executed through centralized exchanges, and among them, Bybit and Binance contributed the most volume. Bybit topped the chart in total liquidations at $256.63 million and a short liquidation rate of 91.30%, indicating that most platform users had bearish sentiment.
Binance, the largest crypto exchange by trading volume, followed with $152.60 million in liquidations, 81.36% of which were short positions. Other platforms, such as Gate.io and OKX, reported $77.84 million and $71.24 million in liquidations, respectively. HTX saw $17.43 million in liquidations and stood out for having a slightly higher proportion of long positions affected, 6.92%, compared to other exchanges.
The data show that short sellers were most affected as Bitcoin climbed to above $94,000 during the current period. Many traders expecting bearish price trends had taken on heavily hedged positions that quickly reversed when the price level rose.
Leverage Amplifies Risk in Unstable Conditions
The number of traders impacted, 166,263 in total, shows how quickly leveraged bets can unravel in an unstable market environment. While some investors seek to amplify gains through leverage, the margin for error narrows dramatically during volatile sessions like this one.
The analysts’ emerging concerns surround institutional and retail players in the event. This concentration of short liquidations across several exchanges may be attributed to a macroeconomic misinterpretation of the market in conjunction with technical analysis of resistance levels.
