$2.6B Liquidation Cascade: Single ETH Whale Wiped Out for $222M
A single trader lost $222M on Hyperliquid as a $2.6 billion leverage flush decimated Ether and Bitcoin positions in thin weekend trading.
Sunday Liquidity Crunch Vaporizes $220M Position
A single trader lost $222.65 million on an Ether position Sunday morning as a leverage flush wiped nearly $2.6 billion from the crypto market in 24 hours. The liquidation, executed on the decentralized exchange Hyperliquid, marks one of the largest individual wipeouts in on-chain history and underscores a structural shift in where crypto leverage now lives.
The Breakdown:
- Total Liquidations: ~$2.6 billion (24h).
- Traders Wrecked: 434,945.
- Primary Vector: Long positions (>90% of losses).
Hyperliquid Becomes the Epicenter
While centralized exchanges usually headline liquidation reports, Hyperliquid absorbed the brunt of this crash. The platform processed $1.09 billion in forced closes, over 40% of the entire market’s losses. The $222M ETH-USD position alone accounted for nearly 10% of the day’s total market carnage, illustrating the extreme concentration of risk in decentralized derivatives.
Ether bore the brunt of the sell-off, with more than $1.15 billion in ETH positions liquidated in the past 24 hours.
Price Impact & Institutional Context
Ether slid 17% alongside the liquidation cascade, dragging the broader market down in a low-liquidity weekend environment. Bitcoin followed with $788 million in liquidations, while Solana saw $200 million evaporated. The scale of the flush, specifically the $1.09 billion cleared on Hyperliquid, signals that on-chain derivatives markets have matured enough to host, and destroy, institutional-sized capital.
Market makers are now pricing in the risk of further contagion, as the sheer volume of forced selling on Hyperliquid suggests the leverage unwind may not yet be finished.
