Amid $1B Market Liquidations, Hyperliquid’s $30M Ether Wipeout Stands Out

Over $1.19 billion in crypto leverage was wiped out in the last 24 hours, with Ether at the center of the storm. A $29.1 million ETH-USD long liquidation on Hyperliquid marked the single biggest hit, highlighting the ascent of decentralized perpetual exchanges.

Bybit recorded the largest share of liquidations at $311 million, but Hyperliquid’s $281 million surpassed Binance, cementing its role in the shifting derivatives landscape. For a fully on-chain exchange with no KYC or regulatory filters, the figures show how quickly traders are concentrating risk on decentralized platforms.

“While markets are fragile, capital is still rotating from Bitcoin into altcoins, with Perp DEXs like Hyperliquid and Aster leading the charge,” said Nick Ruck of LVRG Research. “We expect altcoins to gradually grind higher as investors chase projects with real utility, even in a risk-off macro backdrop.”