Ethereum Liquidations Surge: One Trader Loses Over $220 Million
By John Nada·Feb 1, 2026·2 min read
Over $2.5 billion in crypto liquidations occurred in 24 hours, with one trader losing $220 million as Ethereum plummeted amid market volatility.
A staggering wave of forced liquidations swept through crypto markets, resulting in losses exceeding $2.5 billion within 24 hours. A single trader faced a massive loss of more than $220 million on an ether position, marking one of the largest liquidations reported. According to CoinGlass, the largest single liquidation occurred on the decentralized derivatives exchange Hyperliquid, where an ETH-USD position worth $222.65 million was wiped out.
Ether's price drop, which reached as much as 17%, contributed significantly to this turmoil, alongside declines in Bitcoin and other major tokens amid thin liquidity. In total, 434,945 traders were liquidated, predominantly from long positions, with bullish bets accounting for roughly $2.42 billion of the total losses. Hyperliquid recorded the heaviest damage, with $1.09 billion in liquidations, while Bybit and Binance reported $574.8 million and about $258 million, respectively.
The sell-off particularly impacted ether, with over $1.15 billion in ETH positions liquidated, while Bitcoin saw approximately $788 million wiped out as well. Liquidations are triggered when leveraged positions are forcibly closed due to significant price moves, often leading to cascading effects in volatile markets. Traders closely analyze liquidation data to gauge market sentiment and positioning, using it as a tool for strategic decisions.
This recent surge in liquidations highlights the fragility of the current crypto market. It underscores how sudden price movements can lead to catastrophic losses, especially in overleveraged environments. The volatility is a reminder that while the potential for profit exists, the risks can be equally severe.