Crypto markets faced a broad liquidation event over the past 24 hours as more than $803 million in leveraged positions were wiped out across 10 exchanges. The move extended beyond traditional digital assets, with tokenized stock contracts linked to semiconductor companies also experiencing significant pressure.
Long positions accounted for approximately $694 million, representing 86% of total liquidations, while more than 172,000 traders were affected. The scale of forced closures highlights the amount of leveraged exposure that had accumulated across crypto markets before the volatility spike.
The largest wave of liquidations occurred during a concentrated selloff period. Around $595 million, nearly three-quarters of the total daily amount, was liquidated within 12 hours as South Korea’s KOSPI index declined more than 6% and Bitcoin fell toward the $81,000 region.
Bitcoin recorded the highest liquidation volume among major assets, with approximately $181 million in forced closures. Ethereum followed closely with around $178 million, while Solana positions lost approximately $60 million. ZEC and NEAR also recorded notable liquidation volumes at around $24 million and $22 million, respectively.
Beyond cryptocurrencies, tokenized equity contracts became a major part of the liquidation activity. Perpetual futures linked to SanDisk, the U.S. memory-chip manufacturer, recorded approximately $19.09 million in liquidations, slightly exceeding XRP’s $18.78 million.
The development highlights the growing connection between crypto trading platforms and traditional financial markets. Tokenized stock derivatives allow traders to gain exposure to equity markets through crypto-based venues, creating additional areas where leverage can build and unwind during periods of market stress.
Contracts linked to semiconductor companies such as SK Hynix and Micron, along with exposure to the leveraged semiconductor ETF SOXL, also appeared among affected products. The pressure came as Asian chip stocks faced declines amid concerns surrounding artificial intelligence-related valuations and competition within the memory-chip sector.
Oil markets moved in the opposite direction, with WTI and Brent contracts among the few markets where short positions represented the majority of liquidations. Brent remained near the $106 level following a three-day rally.
The liquidation trend later shifted as Bitcoin recovered above $83,000. During the following four-hour period, approximately $74 million in positions were liquidated, with short positions accounting for $59 million, or 79% of the total.
The removal of a large portion of long leverage may reduce some short-term pressure from overextended positions. Market participants are now turning their attention toward Thursday’s U.S. inflation report, which could influence risk appetite, volatility expectations, and positioning across crypto markets.
