A massive ether (ETH) trade on Hyperliquid emerged as the single largest liquidation event in the last 24 hours, as cryptocurrency traders faced over $1.19 billion in leveraged position closures during a market-wide downturn.
According to CoinGlass data, long positions accounted for nearly 90% of the total liquidations, impacting more than 260,000 traders and revealing extreme bullish overcrowding in the market.
Ether sustained the heaviest losses with $448 million in liquidations, followed by bitcoin (BTC) at $278 million. Major altcoins including Solana (SOL), XRP, BNB, and Dogecoin (DOGE) each experienced tens of millions in position flushes.
The standout event was a $29.1 million ETH-USD long position liquidation on Hyperliquid, underscoring the increasing significance of decentralized perpetual exchanges in market wipeouts.
Bybit recorded the highest total liquidations at $311 million, with Hyperliquid close behind at $281 million, surpassing Binance's $243 million.
Hyperliquid's substantial share of liquidations - particularly notable for a fully on-chain protocol without KYC requirements - indicates traders are taking significant risks on perpetual DEXs. A 97% long bias further demonstrates aggressive positioning before the market flush.
This liquidation wave occurred amid fragile market sentiment and bitcoin's volatile price action near $111,000. While such events are often viewed as market-clearing opportunities that could lead to reversals, extended positioning across major cryptocurrencies and high-beta tokens suggests ongoing downside risks.
Industry experts note that capital continues rotating from Bitcoin into altcoins despite market pressures, with perpetual DEXs like Hyperliquid and Aster driving this trend.
"We expect altcoins to gradually appreciate as investors seek projects capable of decoupling from macroeconomic pressures and growing based on their inherent utility," commented Nick Ruck, Director at LVRG Research.