$500 million liquidation in one day, 1.36 million people liquidated, the market is filtering participants

In the past 24 hours, the total liquidations across the network reached $503 million, with 136,130 people being liquidated. Behind this figure not only reflects intense market volatility but also provides a true picture of leverage trading risks in the crypto market. Among them, long positions accounted for a higher proportion, reaching $284 million, while Hyperliquid, a rapidly growing trading platform, has become the most concentrated area of liquidations.

Liquidation Data Overview

According to Coinglass data, the liquidation situation in the past 24 hours shows clear long and short distribution characteristics:

Focusing on major cryptocurrencies:

• Bitcoin: Long liquidations of $109 million, short liquidations of $37.26 million, with greater pressure on long positions
• Ethereum: Long liquidations of $49.14 million, short liquidations of $76.75 million, with relatively higher risk on shorts

The largest liquidation occurred on Hyperliquid

The largest single liquidation happened on Hyperliquid’s BTC-USD trading pair, amounting to $11.2795 million. This is no coincidence—Hyperliquid experienced explosive growth in 2025, with user numbers increasing from 300,000 to 1.4 million, a 367% increase. Its 24-hour trading volume reached $32 billion, with open interest at $16 billion. The influx of users and funds also means higher risk concentration.

Market Volatility and Amplified Risks

Price fluctuations are the trigger

Bitcoin’s current price is $92,071.45, down 2.26% in the past 24 hours. Although the decline seems moderate, in a high leverage environment, such volatility is enough to trigger massive liquidations. Especially during rapid market adjustments, leveraged longs will face chain reactions of liquidations.

Related information indicates that Bitcoin peaked around $126,000 in 2025, and the current price has already retraced significantly. This inherent volatility is a source of risk.

Leverage trading is a double-edged sword

136,130 people were liquidated in 24 hours, reflecting a harsh reality: in high leverage environments, participants’ risk tolerance is often overestimated. The 56.5% proportion of long liquidations indicates that more traders chase the market upward. When the market adjusts, these longs are the first to collapse.

Market Signals Behind Whale Activities

From the activity of whales in related news, market participants’ behaviors are highly complex:

• Some whales experienced a rollercoaster from a +$19 million unrealized profit to -$77 million unrealized loss on Hyperliquid
• “pension-usdt.eth” made $1 million profit through swing trading in the past 30 days, with total profits exceeding $21 million since October
• Notorious “bankrupt whale” James Wynn increased his BTC long position to $11.54 million, attempting to turn the tide

These actions indicate differing opinions among market participants about future trends, with both bulls and bears engaging in ongoing battles. The high liquidation figures are a result of this risk-taking and the associated risk release.

Deep Reflection

Behind this $503 million liquidation, the market is conducting a risk screening. Participants with weak risk management and excessive leverage are being pushed out, while those with risk awareness and disciplined capital management survive.

Hyperliquid’s rapid growth shows that the platform has attracted a large number of new users and funds. New users often lack risk awareness and are prone to mistakes in high leverage environments. This explains why the largest liquidation occurred there.

Summary

The $503 million liquidations in the past 24 hours highlight:

• Greater pressure on long positions (56.5%), reflecting market chasing sentiment
• Hyperliquid becoming a major battlefield for leverage trading and a risk concentration point
• 1.36 million people being liquidated, indicating uneven risk management among participants
• Although market fluctuations are not large, in a high leverage environment, they can lead to massive liquidations

For participants, this data serves as a warning: leverage is a double-edged sword, and price volatility is amplified under high leverage. The real winners are often not those pursuing the highest leverage, but those who understand how to control risk.