$458M Crypto Wipeout: Hyperliquid Whale Leads BTC, ETH Longs to Slaughter

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Hyperliquid whale wiped out as $458 million in crypto longs vanish

Over the last 24 hours, cryptocurrency markets experienced $458 million in liquidations due to rising tensions in the Gulf involving Iran and a surge in oil prices to $110 a barrel. This led to significant losses for traders who had made leveraged bets on Bitcoin (BTC) and Ethereum (ETH), particularly a large trader on the Hyperliquid exchange.

Summary

  • Total crypto liquidations hit $458 million in 24 hours, with $357 million of that from long positions and just $101 million from shorts, as 128,087 traders were wiped out.
  • Bitcoin longs lost $138 million versus $24.3 million for shorts after BTC broke below $69,000, while Ethereum longs saw $82.6 million in liquidations as ETH briefly slipped under $2,100.
  • A $10.8 million BTC-USD long on Hyperliquid was the day’s largest single liquidation, underscoring how the on-chain perps venue has become a bellwether for extreme leverage and stress.

The cryptocurrency market experienced significant losses on Thursday, with $458 million worth of positions being closed due to price drops over 24 hours. This was triggered by Iranian missile attacks on energy facilities in the Gulf, which rattled investors worldwide. The losses were particularly severe for traders who had bet on a price increase, suggesting they weren’t prepared for the renewed conflict in the Middle East.

Things got pretty rough in the crypto market recently, and I saw a lot of positions get wiped out. Looking at the data, around $357 million in long positions were liquidated, compared to just $101 million in shorts – so basically, a lot more people betting on prices going up were forced to close out their trades. It shows how quickly things can turn when fear kicks in. Overall, over 128,000 traders were liquidated. Interestingly, the biggest single liquidation – a massive $10.8 million Bitcoin trade – happened on Hyperliquid, which seems to be where a lot of these big wipeouts are happening this cycle.

Bitcoin and Ethereum Bear the Brunt

Bitcoin traders lost $138 million in long positions, while those betting against it (short positions) lost $24.3 million. This shows that many traders who were trying to support the price around $69,000 were forced to sell when the price dropped below that level. Similarly, Ethereum saw $82.6 million in long positions liquidated and $37.5 million in short liquidations after briefly falling below $2,100, a price point that had been providing some support.

The recent crypto market liquidations fit a pattern seen during the start of the Iran war on February 28th. After the price of Brent crude oil jumped above $110 a barrel and attacks on energy facilities in Qatar and Kuwait caused broader economic concerns on Thursday, many leveraged crypto traders experienced losses. This highlights a strong connection: when global energy infrastructure is targeted, riskier investments like crypto tend to decrease in value.

Recent data shows a significant increase in liquidations. On March 15th, total liquidations were just $77 million, with the biggest single event on Hyperliquid reaching $1.1 million. However, by March 19th, that largest single liquidation had jumped to $10.8 million, indicating how quickly the market worsened after news of the refinery strikes emerged.

Hyperliquid continues to lead the way in handling large, single-event liquidations. As a platform with its own blockchain (Layer 1) for trading and settling accounts, it’s become a key place for traders taking on big, risky positions this market cycle. This makes it a good indicator of potential problems within the wider derivatives market.

As of Thursday afternoon, Bitcoin was trading under $70,000, down more than 3% for the day. Ethereum was around $2,100. These prices put many traders who have bet on price increases (using leverage) at risk of losing money if prices fall further. With a major options expiration date approaching and ongoing global political instability, the chance of further, rapid-fire liquidations is high.

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2026-03-19 21:58