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Bitcoin and Ether Trigger $286 Million in Liquidations

Most of the damage came around the Fed decision, with longs in Bitcoin and Ether under the most pressure. Positions in SanDisk, Micron, and SOXL were also liquidated on crypto derivatives platforms.

By Zenz van der Wielen
• 2 min read
Bitcoin and Ether Trigger $286 Million in Liquidations

Key Takeaways

  • About $286 million in positions were liquidated over 24 hours, across 87,294 traders.
  • Most of the liquidations hit around the Federal Reserve's rate decision, with $188 million in 12 hours.
  • Bitcoin and Ether took the biggest hit, while chip stocks were also liquidated through crypto derivatives.

Crypto was mostly flat over the past day, but leverage was getting flushed out behind the scenes. CoinGlass data shows roughly $286 million (€251 million) in liquidations over 24 hours, affecting 87,294 traders, even as Bitcoin ended near $63,900 (€56,200) and Ether dipped back to $1,900 (€1,670).

The Fed Decision Set the Tone

The biggest wave of liquidations came in the 12 hours around the Federal Reserve's rate decision, when $188 million (€165 million) was wiped out. That lines up with a market that still trades heavily on macro headlines, since rate expectations can quickly change how much risk traders are willing to take, especially when leverage is involved.

Long positions made up $186 million (€163 million) of the liquidations, while shorts accounted for $100 million (€87.9 million). In other words, the market swung hard in both directions and still finished close to where it started. Bitcoin traded between $63,247 (€55,600) and $64,660 (€56,800) during that stretch, a move of less than 2%, but that was still enough to knock out a large number of leveraged bets.

Bitcoin and Ether Took the Biggest Hit

Bitcoin was responsible for about $57 million (€50.1 million) in liquidations, with longs and shorts split almost evenly. Ether saw the largest total at roughly $58 million (€51 million), and longs took most of the damage there. During the same period, Ether traded between $1,850 (€1,630) and $1,920 (€1,690).

The single largest liquidation was a $2.9 million (€2.5 million) Bitcoin position on Binance. It is a reminder that even modest price moves can cascade through derivatives markets when traders are running tight leverage.

Chip Stocks Were Hit Too Through Crypto

Crypto was not the only corner of the market getting squeezed. On crypto derivatives platforms, about $19 million (€16.7 million) in SanDisk positions were liquidated, along with $10 million (€8.8 million) in Micron, $7 million (€6.2 million) in SK Hynix, and $7 million (€6.2 million) in SOXL, a leveraged semiconductor ETF. These were perpetual futures on stocks and funds, traded with the same leverage as Bitcoin.

For European crypto readers, it is another example of how broad exchanges have become as venues for speculative trading. Bitcoin and Ether are still the main drivers when macro pressure hits, but stocks and ETF-style products can get wiped out just as fast when the market turns. Before the rate decision, Bitcoin had already pushed above $64,000 (€56,200), but the later liquidation wave showed how shaky that rebound really was.

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