Cryptocurrency Exchanges Liquidate $435 Million in Leveraged Positions
The cryptocurrency industry faced a liquidity contraction as digital asset markets experienced around $435 million in borrowed-money position liquidations within a 24-hour window, U.Today reported. Bitcoin and Ethereum absorbed the heaviest losses as cascading volatility forced liquidations across major derivatives platforms.
Traders who borrowed money to bet on rising prices took the brunt of the shock. Long positions accounted for $269 million, or 61.2% of the total liquidated volume, while shorts accounted for $171 million. In total, the market sell-off impacted 91,821 individual traders.
Bitcoin led all assets with $163.8 million in liquidations. Ethereum followed closely behind with $68 million in wiped-out positions, while a combined $50 million came from altcoins, creating a relatively balanced distribution among secondary digital assets.
Hyperliquid Leads Platforms with High Liquidation Volume
Derivatives volume concentrated heavily on specialized platforms and high-volume order books during the sell-off. Hyperliquid recorded approximately $39.84 million in liquidations over a four-hour window, capturing 40.8% of the market total for that specific timeframe, according to the tracking data.
Binance registered the next highest volume with $29 million in liquidations, while OKX recorded $9.09 million. The single largest individual liquidation order reached $5.03 million, executing on Binance’s ETHUSDT perpetual contract market.
thedigitaltrack.com noted that the mass liquidation event coincided with heightened macro uncertainty and the market fallout from the $6.34 billion Binance hack.
Bitcoin Tests Critical Support Levels Near $78,000
Bitcoin’s daily chart revealed fragile technical conditions as the asset traded near $78,006 following a sharp pullback from October highs close to $87,000. This descent signaled that an immediate continuation of the prior recovery remained unlikely.
BTC tested a key support zone between $76,000 and $78,000, an inflection point where longer-term moving averages converge. In a case where resistance is broken, new support should arise around $74,000 and possibly $70,000.
Overhead resistance clustered between $80,000 and $82,000, where multiple moving averages formed a dense trend line against any ascending price action. Momentum indicators confirmed ongoing weakness, with the Relative Strength Index sliding toward the lower half of its neutral band.
Open Interest Declines Across Perpetual Futures Markets
The forced selling pushed liquidation tracking dashboards to their most active readings in weeks. Open interest dropped sharply across both Bitcoin and Ethereum perpetual futures contracts as funding rates swung firmly into negative territory.
Derivatives data suggested that if Bitcoin successfully holds the $76,000 support zone, spot buyers might absorb remaining sell pressure and allow the market to stabilize. However, analysts cautioned that an aggressive secondary wave of liquidations remained positioned just below current trading thresholds in the event of a technical breakdown.
