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Ether bets were wiped out at six times bitcoin’s rate in crypto’s $1 billion flush
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- DeepHorus
Ether traders suffered approximately $356 million in liquidations over 24 hours, exceeding bitcoin's $298 million despite ether's market value being less than one-fifth as large. Total crypto liquidations reached $1.19 billion, with over $1 billion from bullish positions. The late-Thursday slide rattled leveraged markets across the board.
A liquidation occurs when a trader's losses erode collateral, forcing the exchange to close the position automatically. This often triggers further selling, pushing prices lower for remaining traders. The largest single wipeout was a nearly $20 million ether position on Hyperliquid, a decentralized exchange for leveraged trading.
Bitcoin slid from about $83,200 to as low as $80,400 after Federal Reserve minutes showed most officials expected another rate hike before year-end. A Pentagon report on preparedness for renewed combat in Iran also pushed oil higher. Ethereum researcher Justin Drake's warning that AI could break cryptographic security added to nerves.
Measured against market size, ether took about six times the damage of bitcoin—roughly $1.2 million per $1 billion in market value versus $180,000 for bitcoin. Ether fell more than 3% to about $2,490, while bitcoin lost about 1%. Solana, XRP, and NEAR saw $71 million, $34 million, and $25 million in liquidations respectively.
Bitcoin rebounded to about $82,200 after President Trump ruled out a U.S. strike on Iran before midterm elections. This triggered roughly $25 million in liquidations over four hours, with about 78% from bearish traders. In the past hour alone, shorts accounted for nearly $12 million of $13 million in wipeouts.
The squeeze arrives one day before the anniversary of Oct. 10, 2025, when a record $19 billion was liquidated in a single day. Bitcoin now sits about $800 below the $83,000 level where Thursday's selling began. Traders who piled on leverage all week remain exposed as prices stabilize.
