Bitcoin Crash Triggers $19B Liquidation Wave Across Exchange

A wave of liquidations has rocked the crypto market, wiping out billions in leveraged positions as major tokens tumbled to multi-week lows.

Over 1.6 million traders were caught in the sell-off, with the majority losing long positions as Bitcoin, Ethereum, and Solana led a broad downturn.

Data from CoinGlass shows that nearly $19 billion worth of leveraged bets vanished in a single day – a staggering figure that highlights how quickly sentiment flipped from optimism to panic. Most of the pain came from overleveraged longs, which accounted for roughly $16.75 billion of the total wiped-out positions.

The single largest liquidation hit Hyperliquid, where an Ethereum-USDT trade worth more than $203 million was closed out in one move.
Bitcoin’s price briefly sank to $101,000 before stabilizing near $112,000, marking an 8% daily loss. Ethereum suffered an even deeper hit, falling 13% to $3,814, as cascading liquidations intensified the decline. Combined, the two giants were responsible for nearly $10 billion of all liquidations.

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The sell-off didn’t stop there – Solana plunged more than 15% to about $184, while XRP and Cardano slumped by 30% and 40%, respectively. Solana alone saw roughly $2 billion in long positions erased, making it one of the hardest-hit assets of the session.
Analysts say the record liquidation volume underscores how fragile the market remains when heavy leverage meets sudden price drops.

Technical indicators like RSI and MACD continue to flash oversold readings, hinting that more volatility may be ahead if confidence doesn’t return soon.

With total crypto market capitalization shrinking and liquidity draining from both spot and futures markets, investors are bracing for what could become another extended correction phase.