The cryptocurrency derivatives market saw over $684 million in leveraged positions liquidated within a 24-hour period. Short sellers were the most affected, accounting for $422 million in forced closures, while long positions totaled $261 million in liquidations.
Ethereum led the market in liquidations with approximately $262 million, followed by Bitcoin at roughly $182 million. The largest single liquidation was a perpetual ETH-USD position worth $20.28 million on the Hyperliquid exchange.
Trading platforms including Binance, Hyperliquid, Bybit, OKX, and Gate.io experienced significant volume surges during the volatility. Bitcoin is currently trading near $77,000 following the price swings.
Market analysts attribute the event to macroeconomic factors, including unexpected US producer price index data, rising oil prices, and shifting expectations regarding Federal Reserve interest rate policies.
