Over 173,000 crypto traders liquidated in 24 hours as $2.98B evaporates

Nearly $3 billion in leveraged crypto positions vanished in a single day, catching more than 173,000 traders on the wrong side of the market. The overwhelming majority of that pain landed on short sellers, suggesting a violent upward move that punished anyone betting against the rally.

CoinGlass data shows approximately 173,214 traders were liquidated over a 24-hour window, with total losses hitting roughly $2.98 billion. Of that figure, a staggering $2.74 billion came from short positions, while longs accounted for a comparatively modest $242 million.

The numbers behind the wipeout

Shorts made up roughly 92% of all liquidated value, meaning bearish traders were overwhelmingly the ones getting margin-called. The single largest casualty was a $48.80 million BTC-USD position on Hyperliquid, the decentralized perpetual futures exchange.

Among centralized exchanges, Binance led the pack in a recent 4-hour snapshot with $16.44 million in liquidations. OKX followed at $6.17 million, with Gate.io rounding out the top three at $3.90 million. These figures represent just a narrow window, meaning the actual exchange-level totals over the full 24-hour period were substantially larger.

For context, the previous day saw roughly 63,222 traders liquidated with about $196 million wiped out. So the jump from $196 million to $2.98 billion in consecutive days represents a roughly 15x increase in liquidation volume.

Historical perspective on liquidation events

While $2.98 billion in a single day is a substantial figure, it doesn’t crack the all-time records. The crypto market has seen far more dramatic liquidation events, including one on October 10, 2025, when approximately $19.16 billion was wiped out.

What distinguishes this particular event isn’t just the dollar figure but the trader count. Over 173,000 individual accounts getting liquidated in 24 hours speaks to how broadly positioned the market was on the short side.

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