Over $1B in crypto positions liquidated in 24 hours as leverage wipes out 138,000 traders

Nearly $1B in leveraged crypto positions evaporated in a single day, catching more than 138,000 traders on the wrong side of the market. CoinGlass data shows approximately $995M in liquidations over the 24-hour period ending June 25, a painful but increasingly familiar occurrence in 2026’s volatile futures landscape.

Long traders, the ones betting prices would rise, absorbed roughly $705M of the total damage. The remaining liquidations came from short positions, but the lopsided ratio tells a clear story: the market moved down, and the leveraged optimists paid the price.

Where the damage hit hardest

The liquidation wave swept across every major perpetual futures exchange. Binance, Hyperliquid, Bybit, and OKX all saw significant wipeouts as cascading sell pressure triggered margin calls faster than traders could react.

The single largest liquidation was a $38M Bitcoin position on Hyperliquid.

Bitcoin and Ethereum led the list of affected assets, which shouldn’t surprise anyone given their dominance in the derivatives market. SOL, XRP, and DOGE also contributed meaningfully to the liquidation totals.

Bitcoin was trading in the $59,000 to $60,000 range during the period.

Context: big, but not the biggest

Earlier this year, liquidations reached the $1.76B to $1.8B range on June 2 alone. January and February also saw larger wipeout events.

The broader derivatives market remains enormous. Open interest, the total value of outstanding futures contracts, sits near $104B. Trading volume over the same 24-hour window exceeded $245B.

What this means for investors

For spot holders, these liquidation events create short-term price dislocations. When $705M in long positions get forcibly closed, the resulting sell pressure pushes prices below where they’d naturally settle based on supply and demand alone.

The ratio of long to short liquidations also deserves attention. When longs account for roughly 71% of total liquidations, it signals that the market was positioned overwhelmingly bullish heading into the drop.

Macroeconomic factors including bond yields and ETF flow dynamics continue to influence crypto market sentiment, adding layers of complexity that pure technical traders sometimes underweight.

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