A sudden market reversal in bitcoin and ether wiped out more than $514 million in leveraged positions over the past 24 hours, marking one of the largest liquidation waves in recent weeks. Long positions suffered the most, representing $376 million of the total, according to data from CoinGlass.
More than 155,000 traders were liquidated, including a $23.18 million bitcoin position on Hyperliquid. The losses were concentrated on three major exchanges, with Binance, Hyperliquid and Bybit responsible for about 72 percent of all forced unwinds.
Binance recorded $144.6 million in liquidations, followed by Hyperliquid at $115.8 million and Bybit at $109.3 million. Most liquidations were long sided, reflecting crowded bullish positioning after bitcoin’s earlier rebound.
Analysts say the washout was amplified by rising open interest and elevated funding rates, which made markets vulnerable to a sharp reset. While the move intensified volatility, some see the flush as a healthy reduction of excess leverage that could support more stable trading conditions if key support levels hold.