- Over $689M liquidated in 24h as 267K merchants hit by leveraged crypto sell-off.
- BTC and ETH led liquidation losses with $153M and $125M worn out respectively.
- Longs dominated liquidations on Binance and Bitrue, revealing failed bullish bets.
A wave of compelled liquidations surged via the crypto market on Could 31, 2025, wiping out greater than $689.68 million in positions inside a 24-hour window. In keeping with information from Phoenix Group, a complete of 267,877 merchants had been affected on account of sharp price actions and extreme leverage throughout main exchanges. Bitcoin led the liquidation charts, with losses totaling $153.13 million, adopted intently by Ethereum and Solana.
Bitcoin accounted for the biggest share of liquidations, reflecting its excessive buying and selling quantity and leverage publicity. Ethereum adopted with $125.60 million in liquidated positions. Different main tokens impacted included Solana, which noticed $36.43 million in losses, and Dogecoin, which recorded $21.84 million in liquidations. Livepeer (LPT) additionally made the highest 5 with $19.42 million in wiped-out positions.
The information additional exhibits losses in extremely speculative tokens. Meme cash like PEPE and FLOKI registered $7.76 million and $6.30 million in liquidations, respectively, exhibiting that retail merchants with publicity to unstable property confronted extreme losses in the course of the price downturn.
Bybit, Binance, and OKX Lead Change Liquidation Totals
Bybit emerged because the trade with the very best liquidation exercise, recording $260.03 million in whole losses. Binance adopted with $213.59 million, and OKX noticed $195.45 million in liquidated positions. GATEIO and HTX reported smaller but important figures, with $62.74 million and $41.64 million, respectively.
The biggest single liquidation order occurred on OKX, involving a BTC/USDT commerce value $12.25 million. This particular person liquidation underscores the size of publicity some merchants carried in the course of the unstable session.
Change-Particular Place Developments
Quick and lengthy place imbalances different enormously by platform. On Bybit, 78.75% of liquidations got here from quick positions. In the meantime, Binance and HTX noticed nearly all of liquidations from lengthy positions, with 85.40% and 91.62% respectively. This shift displays conflicting expectations amongst merchants throughout totally different exchanges, a few of whom had been caught on the fallacious facet of fast market actions.
Amongst all exchanges, Bitrue confirmed an awesome bias, with 99.85% of liquidated positions being lengthy. In consequence, there was elevated bullish enthusiasm amongst altcoins, however this evidently couldn’t maintain within the face of upper volatility.
The information factors out that leverage is excessive and threat controls are inadequate amongst market members. Merchants who owned an excessive amount of of smaller-cap and meme tokens suffered important drops because the costs fell and their margin calls led to fast liquidations.
