Crypto Carnage: $379M Wiped Out in 24 Hours—120K Traders Rekt

Crypto markets just got steamrolled. A brutal $379 million liquidation spree left over 120,000 traders nursing losses—proof that leverage cuts both ways.

Blood in the water. The usual suspects (BTC and ETH led the charge) triggered cascading liquidations as volatility spiked. Exchanges raked in fees while retail traders learned the oldest lesson in finance: the house always wins.

Silver lining? Veteran degens see this as a healthy flush-out—excessive leverage got punished, setting the stage for the next rally. Meanwhile, Wall Street banks quietly adjust their 'risk models' (read: buy the dip).

Ethereum Leads in Daily Liquidations

Ethereum accounted for the largest portion of the wipeout, with over $68 million in long positions and $54 million in shorts cleared as price volatility persisted. Market analysts say this reflects uncertainty, as ETH trades NEAR key technical levels while traders exit both bullish and bearish bets.

Bitcoin trades lost approximately $35.5 million, with the majority coming from short positions. As BTC continues to hover near its all-time high, more traders appear to be betting on further upside.

$2.68M Loss on HTX Highlights Leverage Risk

The single largest liquidation was a $2.68 million short position on the ETH/USDT pair, executed on the HTX exchange. Despite ETH’s price remaining relatively flat, the high use of leverage amplified losses.

Liquidation occurs when traders use borrowed capital expecting the market to MOVE in their favor. If prices swing the other way, exchanges forcibly close positions to prevent deeper losses which often wipes out entire trades.

High-Risk Trend Continues in 2025

These liquidations are part of a larger 2025 trend, where increased leverage and rapid market swings have led to repeated high-volume wipeouts. Traders using margin are facing more frequent margin calls as volatility rises across major tokens.

Most affected traders were positioned for a market drop. When prices held firm or rose slightly, exchanges triggered forced closures—compounding losses. These types of liquidations have happened several times already this year, showing how unstable things remain for these Leveraged traders.

Market watchers say this should be a warning. The crypto market can shift quickly, and large losses can happen in minutes—even without major news or big changes in price. For those using leverage, the risk is always high.

Also Read: Crypto Price Today (July 28): Bitcoin Consolidates, Ethereum Holds $3.8k, Optimism Leads Gainers