CoinDesk
Crypto exchanges liquidated $803 million in leveraged positions over 24 hours, with bullish bets accounting for $694 million, or 86% of the total. Bitcoin briefly fell below $81,000 as South Korea's KOSPI dropped more than 6%, triggering a rush of forced closures across 10 exchanges. Some of the sharpest losses came from perpetual futures tied to semiconductor stocks.
SanDisk contracts recorded $19.09 million in liquidations, surpassing XRP at $18.78 million and nearly matching HYPE at $19.04 million. Bitcoin led crypto assets with $181 million in liquidations, followed by Ether at $178 million and SOL at $60 million. In total, 172,113 traders were affected, while the largest single loss was a $9.65 million Bitcoin long on Binance.
Why it matters
The move shows how crypto exchanges have become venues for around-the-clock leveraged exposure to traditional equities. Perpetual futures tracking SanDisk, SK Hynix, Micron and SOXL appeared alongside major crypto assets on the liquidation heatmap. SanDisk's ranking above XRP underscores how quickly semiconductor risk has migrated into crypto-native derivatives markets.
Nearly three-quarters of the daily liquidations occurred in the final 12 hours as chip stocks sold off. Samsung Electronics and SK Hynix each fell about 8% amid concerns about AI valuations and competition from Chinese memory-chip makers.
Market impact
The pressure later reversed. Bitcoin recovered above $83,000, and $59 million of the next $74 million in liquidations came from shorts, or 79%. The reversal suggests the initial long flush cleared significant bullish leverage, but it also shows how quickly positioning can swing when perpetual futures remain open around the clock.
Bitcoin now heads into Thursday's U.S. inflation report with much of its long leverage cleared. Traders will be watching whether that reset reduces liquidation risk or whether macro data sparks another sharp move across crypto and semiconductor-linked contracts.
Frequently asked questions
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How much leverage was liquidated across crypto exchanges?
About $803 million in leveraged positions were liquidated across 10 exchanges over 24 hours. Long positions accounted for $694 million, or 86% of the total.
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Why did SanDisk liquidations exceed XRP liquidations?
SanDisk perpetual futures recorded $19.09 million in liquidations, compared with $18.78 million for XRP. The comparison shows that crypto venues now host significant leveraged exposure to semiconductor stocks.
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Which crypto assets recorded the most liquidations?
Bitcoin led with $181 million in liquidations, followed by Ether at $178 million and SOL at $60 million. ZEC and NEAR recorded $24 million and $22 million, respectively.
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What caused the largest liquidation burst?
About $595 million, nearly three-quarters of the daily total, was liquidated in the final 12 hours as South Korea's KOSPI fell more than 6% and Bitcoin slipped below $81,000.
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Why did short liquidations increase after Bitcoin recovered?
Bitcoin later climbed back above $83,000. During the following four hours, shorts accounted for $59 million of $74 million in liquidations, or 79%, reversing the earlier dominance of long-position losses.
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