On September 26, 2025, the crypto market noted the turbulent 24 hours, and the liquidation information showed the total number of traders who were forced out of positions was 226,419.
The consolidated value of liquidation across exchanges was up to about 1.24 billion dollars according to the latest report of Phoenix Group. Crypto shorts and longs were both seriously hit, but it is showing that longs got the biggest hit when the market hit the skids on the major exchanges.
Exchange-Wise Breakdown of Liquidations
Bybit topped the liquidation lists as it had positions worth $ 257.71 million wiped out. The statistics revealed these liquidations to be 90.36 percent long position and 9.64 percent short.
Hyperliquid second with a liquidated amount of $219.72 million, with longs taking a 95.79% and shorts a 4.21% share. One of the largest worldwide platforms, Binance, was liquidated in $206.13 million, 76.63% of which is linked to long positions and 23.37% to shorts.
Other key exchanges involved OKX, which reported $94.83 million liquidations with 76.98% longs across and 23.02% shorts across, and Gate with $87.54 million in crypto liquidations and 87.59% longs and 12.41% shorts. HTX registered $69.73 million with 93.15% of the hit been on the longs and only 6.85% on the shorts.
BitMEX registered lowest ratio of shorts, at 99.90% of its $22.18 million liquidations were long. CoinEx was ranked last among the list with washed-out crypto positions of $10.02 million, almost 96.25% of which were long positions.
ETH and BTC Dominate Asset Liquidations
The most liquidated asset in the 24-hour period was Ethereum, forced closures of which were $312.12 million, which is the same as 79.48K ETH.
Bitcoin was close behind at $247.03 million liquidations totalling 2.25K BTC. Solana also had a major pressure with its postings of $73.29 million liquidations equivalent to 373.41K SOL. The three best performing assets together recorded most of the liquidation values in the crypto market.
The effect was reflected in other assets, as well. XPL recorded liquidated amount of 61.08 million that equates to 48.09M tokens.
Dogecoin trailed behind with $20.25 million worth of liquidations, which was equal to 88.81M DOGE whereas XRP recorded $18.61 million liquidations corresponding to 6.75M XRP.
Mid-Tier Crypto Tokens Also Face Heavy Losses
In the mid-tier assets, HYPE had liquidations of 399.05K tokens recorded as $16.88 million. Aster liquidated $16.82 million including 9.04M ASTR tokens and Binance Coin (BNB) liquidated $13.27 million, which equals 13.98K BNB.
Avalanche (AVAX) liquidated $9.63M which is 340K AVAX. Other tokens were also subject to smaller yet significant liquidations, such as AVNT with a liquidation of up to $6.52 million or 4.20M tokens, and ADA with a liquidation of up to $6.33 million or 8.14M ADA tokens.
Largest Single Liquidation Order
The greatest single liquidation, in this 24-hour period, was provided by HTX, with an ETHUSDT pair order being liquidated to a whopping sum of $19.26 million. This highlights the risk of excessive leveraging in unstable market environments, particularly in pairs of best assets like Ethereum.
Outlook and Crypto Market Impact
The magnitude of the liquidations clearly shows how leverage remains a source of increasing volatility in the crypto markets. That the number of traders liquidated in one day was more than 226,000 indicates that the mood is still delicate, particularly considering Ethereum and Bitcoin control the liquidation amounts.
According to crypto market analysts, high leverage exposure topped by corrections in prices prompted cascading liquidations which propagated the downside further on exchanges.
Although the exchanges, such as Bybit, Hyperliquid, and Binance, took the biggest portion of the liquidation value, smaller players like BitMEX and CoinEx also indicated the massively dominant role of long liquidations, as the traders were too optimistic before the price movements.
Days ahead could possibly be either a stabilization period with leveraged positions being reset or a continued downside given the market pressure.
