The crypto market is reeling once again after an intense wave of liquidations erased over $2 billion in leveraged positions within a single day.
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With Bitcoin, Ethereum, Solana, and other major assets plunging sharply, traders are bracing for what could be another turbulent stretch, especially with billions in options set to expire.
ETH's price trends to the downside on the daily chart. Source: ETHUSD on Tradingview
Massive Liquidations Trigger Steep Sell-Off
According to data from Coinglass, more than $2 billion in long and short positions were liquidated over the last 24 hours, marking one of the most severe unwinding events since October’s historic crash.
Bitcoin (BTC) crashed as low as $82,000, while Ethereum (ETH) slid below $2,700. Traders holding long positions bore the brunt of the damage, with over $1.8 million in longs wiped out across major exchanges.
The largest single liquidation order took place on Hyperliquid, where a massive BTC-USD position valued at $36.78 million was wiped out. Over the past 24 hours, Bitcoin long liquidations alone have totaled approximately $966 million, while Ethereum long positions have similarly suffered around $407 million in losses.
With no details revealed on the specific tokens or exchanges involved, the incident still sent shockwaves through the community, further fueling bearish sentiment.
Options Expiry and Whale Moves Add to Market Pressure
The sell-off comes ahead of a crucial $4.2 billion crypto options expiry, with more than 39,000 BTC options and 185,000 ETH options set to expire.
Traders have leaned heavily into put positions, signaling expectations of further downside. For Bitcoin, the max pain point sits near $98,000, well above current prices, while Ethereum’s around $3,200.
Meanwhile, whale behavior has added fuel to the fire. A mega BTC whale who has held Bitcoin since 2011 reportedly sold over 11,000 BTC, worth $1.3 billion, intensifying downward pressure.
However, at the same time, other large holders accumulated over $65 million in spot BTC near the $85,000 level, hinting at strategic dip-buying even as volatility spikes.
Fragile Liquidity Keeps Market on Edge
The market’s instability can be traced back to October’s $19.5 billion liquidation event, which severely disrupted liquidity conditions. Market makers, still recovering from the shock, remain cautious, creating a fragile environment where even minor price swings can trigger cascading liquidations.
Despite the chaos, signs of resilience emerged from infrastructure players like Solana and Fireblocks, which maintained high transaction speeds and network reliability during periods of unprecedented stress.
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As macro uncertainty, ETF outflows, and whale behavior continue to shape sentiment, the crypto market remains firmly on edge, with traders watching closely to see whether this correction deepens or sets the stage for the next major recovery.
Cover image from ChatGPT, ETHUSD chart from Tradingview