According to CoinGlass, 113,026 traders were liquidated in the past 24 hours, totaling $435.16 million. Long positions bore the brunt, losing $324.03 million, while shorts accounted for $111.47 million.
Notably, Ethereum [ETH] had the highest liquidation total of $74.34 million, followed by Bitcoin [BTC] at $61.20 million.
While smaller tokens like Ripple [XRP], Dogecoin [DOGE], Near Protocol [NEAR], and Worldcoin [WLD] saw relatively lower liquidation volumes. Other assets like SNDK and SKHYNIX also saw noteworthy liquidations worth $34.74 million and $25.91 million, respectively.
Price action tells a different story
Typically, these forced liquidations increase selling pressure, which sets off a chain reaction of liquidations that drives prices down and leads to the closure of even more leveraged positions.
Nonetheless, the market capitalization of cryptocurrency indicates that the overall market had risen 1.2% to $2.2 trillion at the time of writing. In the past 24 hours, several coins posted gains, with Bitcoin climbing 1.60% to $64,325.05 and Ethereum rising 1.54% to $1,913.35.
However, Hyperliquid’s SK Hynix perpetual contract experienced a brief 17.9% decline, dropping from $1,127.90 to $917.25. But this occurred due to an incorrect trade from an external Korean market.
Binance under pressure?
That said, almost half of the $435.5 million in market liquidations were on Binance, which had the highest liquidations worth $201.08 million in the exchange-wise liquidation heatmap.
Hyperliquid followed the lead with a $93.93 million drain. Whereas OKX, Bybit, and Bitget saw $53.89 million, $27.99 million, and $19.96 million flushed out, respectively.
Is the crypto market undergoing consolidation?
Concerns about market consolidation persist, though it reflects restructuring rather than a full market collapse. Instead of marking the beginning of a larger sell-off, the most recent wave of liquidations seems to be a healthy market reset.
However, with the Crypto Fear and Greed Index still in the “Fear” zone at 29 at press time, it suggests that investors’ confidence is still shaky.
Nonetheless, it’s important to note that as compared to the 10th of October 2025 liquidation, when a record $19 billion was drained from the crypto market, this is relatively small.
Still, the impact of October liquidation is lingering as the market has remained volatile to date, with bulls and bears continuing to battle for control.
Final Summary
- The market got massively liquidated in the past 24 hours, with Ethereum getting hit the most.
- The price action of the assets suggests that the liquidation was not a long-term bearish signal.
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