10-10-2025 – Cryptocurrency markets experienced significant turbulence over the past 24 hours, with $692 million in leveraged positions liquidated across exchanges, according to data from Coinglass.
Long positions bore the brunt of the losses, accounting for $527 million in liquidations, while short positions contributed $165 million. Bitcoin led the carnage with $122 million in long liquidations and $69.7 million in shorts wiped out. Ethereum followed closely behind, seeing $153 million in long positions and $33.5 million in short positions forcibly closed. The bloodbath affected 181,482 traders globally, with the single largest liquidation—a $11.6 million BTC-USD position on Hyperliquid—highlighting the extreme leverage in play.
The liquidation wave came as Bitcoin briefly dipped below the psychologically important $120,000 level before recovering to $121,470, posting a modest 0.26% gain over 24 hours. The low-volume rebound suggests cautious market sentiment as traders reassess positions amid ongoing regulatory uncertainty and macro headwinds.
The sell-off follows a period of heightened activity in crypto markets, with both institutional and retail participants taking on increased leverage. Such large-scale liquidation events typically occur during sharp price movements that trigger cascading margin calls, forcing exchanges to automatically close positions that fall below maintenance requirements.
