The crypto market saw a brutal shakeout over the past 24 hours, with $386 million in long positions forcibly closed as prices tumbled. The liquidations wiped out leveraged traders across major exchanges, marking the largest single-day flush of bullish bets this month. The sell-off didn't spare any corner of the market — Bitcoin, Ethereum, and altcoins all took a hit.
The scale of the sell-off
The $386 million figure covers long positions only, according to data from liquidation tracking platforms. Short positions were also hit, but the bulk of the damage was on the long side. That's a sharp reversal from the past week, when leveraged bulls had been piling in. The sudden move caught many off guard, with several exchanges reporting a spike in forced liquidations during the early hours of the Asian trading session.
Hyperliquid's prediction market odds
In a separate data point, prediction markets are currently pricing a 30% probability that Hyperliquid, the decentralized exchange token, will reach $100 by December 31, 2026. The 30% YES price implies the market sees the move as possible but far from certain. Hyperliquid has been a focus of speculation in recent months due to its growing user base and fee revenue. The token's price action hasn't been directly tied to the broader liquidation event, but the two data points together paint a picture of a market grappling with uncertainty.
What traders are watching next
With the liquidation event now behind them, traders are watching for any further moves as the market digests the losses. The prediction market on Hyperliquid will continue to update as the year progresses, offering a real-time gauge of sentiment around the token's upside. For now, the $386 million flush serves as a reminder of how quickly leverage can turn against you.
