A massive wave of liquidations swept through cryptocurrency derivatives markets, liquidating approximately 174,350 traders for a total of $2.98 billion. The event, the eighth largest ever recorded, primarily affected long positions on Bitcoin and Ethereum, triggering a feedback loop as forced sales fueled price decline. Binance, OKX, and Bybit platforms were at the center of this liquidation cascade, which also caused open interest to drop significantly. The absolute record remains the October 10, 2025 event, with $19.16 billion in liquidations in a single day.
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