Hyperliquid sees largest $11M liquidation during $526M market downturn

Key Takeaways

$526 million was liquidated from crypto markets in 24 hours, impacting more than 154,000 traders.
The largest single liquidation order was $11 million on Hyperliquid’s HYPE-USD pair.

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Crypto markets saw around $526 million in liquidations in the past 24 hours, affecting over 154,000 traders.

Long positions accounted for $372 million of the total, while short positions made up $154 million. The largest single liquidation order occurred on Hyperliquid’s HYPE-USD pair, valued at $11 million.

The wave of liquidations reflected growing volatility across major crypto assets, especially Bitcoin. The digital asset experienced a short-lived rally to $90,000 today before declining to around $85,000.

Investors are reacting to concerns over US unemployment and prospective rate hikes from the Bank of Japan, creating a challenging backdrop for further market advances.