Over $684 million in leveraged positions were liquidated in 24 hours across cryptocurrency exchanges. Short sellers bore the brunt of the losses with $422 million in liquidations, compared to $261 million for longs. Approximately 100,000 traders were affected, with Ethereum leading the carnage at roughly $262 million in forced closures, surpassing Bitcoin’s $182 million. The single largest individual liquidation was a $20.28 million ETH-USD perpetual position on Hyperliquid. This wave of liquidations was triggered by a combination of macroeconomic factors, including hotter-than-expected US producer price index data and rising bond yields, which initially sent risk assets lower before a sharp reversal punished short sellers.
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