Ether fell 10%, costing one trader $220 million.

Ether Liquidations Drive $2.5 Billion in Crypto Losses

A massive Ether liquidation on Hyperliquid triggered a wave of forced sell-offs, pushing total crypto liquidations past $2.5 billion in just 24 hours.

One trader alone lost over $220 million on an ETH position as liquidations swept across the market. The largest single wipeout occurred on Hyperliquid, where a $222.65 million ETH-USD position was closed automatically, according to CoinGlass data.

Ether led the downturn, falling as much as 17% alongside Bitcoin and other major tokens amid thin liquidity. In total, 434,945 traders were liquidated, with long positions accounting for roughly $2.42 billion of the $2.58 billion total, while shorts contributed only $163 million.

Hyperliquid was hit hardest, recording $1.09 billion in liquidations—mostly longs—more than 40% of total losses across exchanges. Bybit and Binance followed with $574.8 million and $258 million, respectively. Bitcoin and Solana saw roughly $788 million and $200 million wiped out.

Liquidations occur when leveraged positions are forcibly closed after prices breach margin thresholds, often triggering cascading losses. Traders track this data to assess market sentiment, detect crowded positions, and identify potential reversals. Combined with metrics like open interest and funding rates, liquidation trends can highlight key entry or exit points in volatile markets.