Quick Takeaways:
- The crypto market witnessed nearly $2 billion in settlement in 24 hours.
- Over 391,164 bargainers were liquidated, with a cumulative post miss of $1.78 billion.
- Bitcoin leaves the liquidation wave, with major giants having monumental losses.
Massive Liquidation Wave Hits Crypto Market
The cryptocurrency market experienced a sharp downturn, with nearly $2 billion in extermination going on within 24 minutes.
This sudden wipeout has driven the total market capitalization below $3 trillion for the first time in five calendar months. Tenaciousmongers support the most as bullish momentum recedes sharply.
Over 391,000 Traders Liquidated
Data from Coinglass shows that 391,164 dealers were done in during the acute marketplace discipline. Total elimination reached $1. 91 billion.
Long positions are calculated for $1. 78 billion, while the poor view hit only $129. 3 million. This imbalance highlights how leveraged bullish bets collapsed under pressure.
Bitcoin Result Liquidations With Nearly $1 Billion Wiped Out
Bitcoin dominated the liquidation charts. BTC traders suffered $960 million in liquidations, with $929 million coming from long positions. Ethereum followed with $403 million in total liquidations. Most were long traders expecting a continued price rally.
Largest Single Liquidation Hits Hyperliquid
The largest individual liquidation occurred on Hyperliquid, a decentralized perpetuals platform. Traders closed a BTC-USD position worth $36.78 million during the sell-off. The event triggered further cascading liquidations across leverage-heavy platforms.
Whales Face Heavy Losses
On-chain data shows that well-known whales got caught in the downturn. PeckShieldAlert reports several major ETH whales neutralized after the price fell below $2 900. Private loss rolls from $2.9 million to $6. 52 million.
Lookonchain highlighted severe losses for Machi, who now holds only $15,538. His cumulative losses have surpassed $20 million.
Another significant hit was the “Anti-CZ Whale,” a trader who saw profits drop from nearly $100 million to $30.4 million in just 10 days. Heavy ETH and XRP longs were responsible for the downfall.
Market Cap Drops as Selling Pressure Intensifies
The broader market lost over 6% in the past day, falling to $2.9 trillion. According to The Kobeissi Letter, the market has shed $1.3 trillion in value since early October.
Analysts describe the downturn as a “mechanical bear market.” Heavy leverage and repeated liquidation cascades have created a feedback loop, adding constant downward pressure.
Analysts Expect Market Stabilization
Despite the sharp decline, analysts note the absence of major bearish fundamentals. According to The Kobeissi Letter, the market is undergoing a fast correction driven mainly by leverage. They expect conditions to stabilize as excess leverage exits the system.