Crypto Sell-off: $1.53 Billion in Liquidations Following Binance Incident
Following the Binance security incident, crypto traders experienced $1.53 billion in liquidations, with long positions accounting for $1.29 billion. Bitcoin and Ethereum positions contributed significantly with $499 million and $358 million respectively, highlighting high market leverage and vulnerability to negative news.
$1.53 billion in crypto liquidations followed the Binance incident.
83.8% of liquidations were long positions.
Bitcoin and Ethereum positions accounted for over half of all liquidations.
Binance itself saw nearly half of the market-wide liquidations.
Story
The Binance security incident triggered a massive sell-off in the crypto market, leading to $1.53 billion in liquidations by Friday morning in Asia. Positions betting on rising prices (long positions) accounted for approximately $1.29 billion (83.8%) of these forced closures over the past 24 hours. Bitcoin positions contributed around $499 million to liquidations, while Ethereum positions added another $358 million. Binance itself accounted for $754.6 million (49.2%) of the total market-wide liquidations. Hyperliquid saw $251.4 million in liquidations, and Bybit $186.5 million. A single Bitcoin long position on Binance, valued at $11 million, was identified as the largest individual liquidation. This massive liquidation event indicates significant leverage in the market, with many traders caught off guard by the sudden price drop. The dominance of long liquidations suggests a market that was positioned for upward movement, making it vulnerable to negative news.
Issue context
The crypto market has been shaken by a severe security incident at Binance, resulting in over $6 billion in various cryptocurrencies being affected. This incident triggered a wave of liquidations totaling $1.53 billion, with long positions being particularly hit. Meanwhile, other exchanges like OKX are working to reassure users through security confirmations. These events underscore the persistent risks of centralized platforms and the need for robust security measures across the industry.
Recent events at Binance demonstrate how quickly security incidents can impact the entire market. High leverage amplifies such movements. Be mindful of your asset security and aware of the risks associated with centralized exchanges and leveraged positions. Volatility remains a constant factor.
Market pulse
BTC
$78.4K
-1.76% 24h / -3.94% 7d
ETH
$2.2K
-2.61% 24h / -6.27% 7d
Fear & Greed
30
Fear
BTC Funding
+0.0039%
20 perp markets · Open Interest $54B
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This story is part of the Biturai Market Brief and is for informational purposes only. No investment advice.