An ether (ETH) trade on Hyperliquid turned out to be the biggest liquidation hit in the past 24 hours as crypto traders took on more than $1.19 billion in leveraged positions amid a market downturn.

Longs made up nearly 90% of the overall wipeout, per CoinGlass, leaving over 260,000 traders losing money and exposing the market’s bullish overcrowding.

Ether bore the brunt with $448 million in liquidations, followed by bitcoin (BTC) at $278 million. Solana’s SOL (SOL), XRP (XRP), BNB Chain’s BNB (BNB) and dogecoin (DOGE) all saw tens of millions flushed out.

But the single largest trade closure came on Hyperliquid — a $29.1 million ETH-USD long hit which is indicative of the growing role of decentralized perpetual exchanges in driving liquidations.

Bybit handled the most overall liquidat

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