Crypto Market Sees $711M Liquidation Wave Led by Ethereum and Bitcoin

Ethereum Hit Hardest as Crypto Liquidations Top $700 Million

The past day hasn’t been kind to crypto traders. More than $700 million in positions were wiped out across major exchanges, with Ethereum taking the biggest hit. The numbers are staggering—$300 million in ETH liquidations alone. Bitcoin wasn’t far behind, but the scale of losses on Ethereum has left some traders scratching their heads.

It’s not just the big players feeling the pain. Over 178,000 traders got caught in the mess, according to data from tracking platforms. That’s a lot of margin calls in a very short window.

Why Ethereum Took the Brunt

Ethereum’s $300 million liquidation figure stands out—partly because it’s nearly double Bitcoin’s $154 million. You’d think ETH, being the second-largest crypto, would show more stability. But lately? Not so much. Around 133,000 ETH got liquidated, which suggests a lot of leveraged bets went south fast.

Bitcoin’s drop wasn’t as severe, but $154 million isn’t pocket change. Even Solana, usually one of the more resilient altcoins, saw $32 million in liquidations. Then there’s XRP and Dogecoin, which lost $22 million and $11 million respectively. Meme coins aren’t immune either, it seems.

Where the Liquidations Happened

Bybit and Binance saw the heaviest action. Bybit alone had over $310 million in liquidations, which is almost half the total for the entire market. Binance wasn’t far behind, and Gate.io also reported significant numbers.

One thing that stands out—HTX (formerly Huobi) had a single liquidation order worth $712 million on an ETH/USDT pair. That’s… unusual. Either a whale got wrecked, or something glitched. Either way, it’s a reminder of how wild things can get when volatility spikes.

The market’s still standing, though. Prices haven’t completely collapsed, but this kind of liquidation wave usually leaves a mark. Traders might be more cautious with leverage for a while. Or maybe not—crypto has a short memory.

For now, the takeaway is simple: when the market turns, it turns fast. And no one, not even Ethereum, gets a free pass.