Ethereum Bleeds Out: $351M Liquidation Storm Hits Crypto Markets

Crypto traders got steamrolled today as leveraged positions imploded—with Ethereum leading the bloodbath.

The damage report: A brutal $351 million got liquidated across exchanges, proving once again that the market giveth and the margin calls taketh away.

ETH takes the hit: The smart contract darling became the poster child for today’s reckoning, leaving bagholders scrambling. Meanwhile, Bitcoin maximalists are smugly adjusting their tinfoil hats.

Wall Street whispers: ‘Risk management’ remains that thing crypto degens Google after their portfolios get nuked. Some things never change—just ask the 2021 leverage junkies.

The only certainty? Volatility isn’t going anywhere—and neither are the liquidations. Buckle up.

Binance and Bybit saw the highest liquidations: $138.18 million and $102.87 million, respectively. This centralization in liquidation activity illustrates the leverage density of these platforms. Gate contributed another $42.18 million, with smaller numbers from OKX and HTX. Hyperliquid, while significantly less dominant in total volume, registered the largest single liquidation order at $5.17 million on a BTC-USD pair.

The total liquidation skew was heavily long-biased, with $238.97 million in long positions wiped out, compared to $112.88 million in shorts. This tells us traders positioned for a bullish breakout but were gradually forced out by range-bound or fading rallies. BTC’s relatively steady close, just slightly below the daily high, shielded it from more extreme liquidations, while ETH’s volatility drew aggressive positioning on both ends.

Despite a sharper -2.25% price drop to $164.44, solana saw limited liquidations at $16.97 million. This could point to a lower leverage ratio or less directional conviction among traders. Interestingly, the data reflects that SOL shorts slightly outweighed longs over the day, contrasting the more bullish tilt seen in ETH and BTC positioning.