CoinDesk
Crypto traders lost $1.53 billion in forced liquidations over 24 hours after Binance’s security breach, with $1.29 billion coming from bullish positions, according to CoinGlass. Binance estimated the breach affected $6.3 billion in assets, pledged to cover losses and suspended deposits and withdrawals while conducting security checks.
Why it matters
Long positions made up 83.8% of liquidations. About $1.37 billion was wiped out in the latest 12 hours alone, including $1.23 billion in longs. Forced closures can intensify a selloff: exchanges automatically close positions when losses exceed collateral, and closing a leveraged long typically creates another sell order.
Binance recorded $754.6 million in liquidations, or 49.2% of the market-wide total. Hyperliquid followed with $251.4 million and Bybit with $186.5 million. Bitcoin positions accounted for $499 million and ether for $358 million, more than half the total combined. Solana, XRP and dogecoin also recorded liquidations.
Market impact
Bitcoin fell to about $76,460 before recovering toward $78,500. Ether traded around $2,240 after dipping below $2,200. The rebound began squeezing traders betting on further declines: shorts made up $57.3 million of $85 million liquidated in the latest four hours, and about 95% of liquidations in the latest hour.
Closing a short requires buying back the position, so forced short exits can add buying pressure during a rebound. The episode shows how a security shock, leveraged long closures and a subsequent short squeeze can drive sharp moves in both directions.
Frequently asked questions
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How much was liquidated across crypto markets in 24 hours?
Crypto traders faced $1.53 billion in forced liquidations over 24 hours, according to CoinGlass.
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What share of liquidations came from bullish positions?
Long positions accounted for 83.8% of the total, or about $1.29 billion.
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How much of the total did Binance account for?
Binance recorded $754.6 million in forced closures, equal to 49.2% of the market-wide total.
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How did bitcoin and ether prices move during the selloff?
Bitcoin fell to about $76,460 before recovering toward $78,500. Ether dipped below $2,200 and later traded around $2,240.
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Why did the bitcoin rebound trigger liquidations of short sellers?
Closing a short requires buying back the position. Forced short closures can therefore add buying pressure as prices recover.
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