417K Traders Lose Big in $1.76B Liquidation Wave

TL;DR Breakdown

• Over 417K traders liquidated, with $1.76B wiped out, marking the harshest long squeeze since March.
• Ether plunged 10% to $4,075, while Bitcoin slipped to $112K, stuck in its $110K–$120K range.
• 92% of liquidations were longs, showing bulls were caught off guard.

More than 417,000 traders were wiped out in the past 24 hours as the total liquidations hit $1.76 billion. This turns out to be the brutal clearance of bullish bets since late March. According to Coinglass, the single biggest order was a $12.7 million BTC/USDT swap on OKX.

Data shows that $1.62 billion (92%) worth of liquidated bets were long positions. This suggests that traders were expecting the crypto market to post green indexes, but it went the other way. The cumulative digital assets market cap dropped by more than 4% in the past 24 hours. It now stands at around $3.87 trillion with a trading volume of $227 billion.

The cascade triggered a broad selloff as Ether tumbled as much as 10% to drop back to $4,075 after nearly half a billion dollars of leveraged longs in the token were liquidated. ETH price is now down by 12% over the last 30 days.

Bitcoin, Ether, Solana see sharp pullback

Bitcoin dropped 3% to revisit the $111,000 zone but managed to regain $112,000 levels. BTC price has dipped by 3% in the last 30 days. It is trading at an average price of $112,170 at the press time. Its 24-hour trading volume spiked by almost 200% to hit $67.6 billion. 

The market is digesting one of the largest liquidation events of the year. While ETF and institutional support remain intact. The short-term setup looks fragile. The biggest crypto has been stuck in a $110,100–$120,000 range since early July. The volatility is subdued compared to gold, which is hitting fresh records above $3,700 an ounce.

Major tokens had pared some losses but were still in the red. Ripple-linked XRP price fell by 5% while Solana shed 9% of its gain over the past 24 hours. The meme coins category dropped by over 9% in the last 24 hours to stand at $68.66 billion. Dogecoin dipped by 10% with Shiba Inu dropping by 6%.

Traders said the breadth of the wipeout stood out, even absent a clear trigger. Funding rates on Ether perpetuals flipped deeply negative, signaling short sellers are paying longs to stay in position. It is the lowest since last year’s yen carry trade unwind.

The rout pulled the total crypto market cap below $4 trillion, underscoring fading momentum in digital-asset treasuries that had powered summer gains. Shares of firms such as Michael Saylor’s MicroStrategy and Japan’s Metaplanet have retreated. It raised doubts about fresh inflows into so-called “DAT trade” vehicles.