加密货币市场遭遇11.9亿美元清算！以太坊遭受重创

US$1.19 billion in leveraged positions in the cryptocurrency market were cleared within 24 hours, and Ethereum was hit the hardest.

In the past 24 hours, a total of US$1.19 billion in leveraged positions in the cryptocurrency market were forcibly closed. Among them, Ethereum suffered the biggest impact, with a clearing amount of US$356 million; while Bitcoin had a clearing amount of US$298 million.

Although Ethereum's market value is only about one-fifth that of Bitcoin, it has experienced a liquidation scale that exceeds Bitcoin. Selling pressure in the market has been pushed higher by interest rate expectations, tensions in Iran, and artificial intelligence concerns about the potential risks of cryptowallets. At the same time, the price of Bitcoin regained its footing above $82,000 after U.S. President Donald Trump issued a statement about possible military action against Iran.

Why does Ethereum's clearing scale exceed Bitcoin?

In the past 24 hours, Ethereum has surpassed Bitcoin in the total value of its cleared positions. Specific data shows that Ethereum has approximately US$356 million in positions cleared, compared with US$298 million in Bitcoin.

However, this difference is more significant when viewed in proportion to market value. According to relevant calculations, the clearing amount of Ethereum per US$1 billion in market value is approximately US$1.2 million; while in the Bitcoin market, the clearing amount at the same proportion is only approximately US$180,000. This means that relative to its market value, Ethereum is nearly six times more affected by liquidation than Bitcoin.

During this period, Ethereum prices fell more than 3% to about $2,490; while Bitcoin's decline remained at around 1%. This divergence in price movements suggests that Ethereum investors who engage in leveraged trading have been hit harder.

How did the US$1.19 billion market clearing happen?

The total clearing amount in the cryptocurrency market reached US$1.19 billion. Of that, more than $1 billion came from the liquidation of bullish long positions. These investors originally expected the price of Bitcoin and other crypto assets to rise and established corresponding positions.

In leveraged trading, investors can establish large positions that exceed their margin tolerance. When prices move violently in the opposite direction, exchanges automatically close these positions. Especially during periods of rapid price declines, this mechanism often triggers new selling pressure.

The largest single clearing event in a single day occurred on Hyperliquid, a decentralized leveraged trading platform, involving an Ethereum position of approximately US$20 million.

Other altcoins also suffered significant losses: Solana positions were cleared of US$71 million, XRP cleared of US$34 million, and NEAR cleared of US$25 million. The total liquidation amount of other tokens is approximately US$119 million.

Why did Bitcoin recover to US$82,200?

On Thursday, the price of Bitcoin fell back from about $83,200 to $80,400. However, after U.S. President Donald Trump announced that there would be no attack on Iran before the midterm elections, prices rebounded quickly, returning to around $82,200.

The rally has put short sellers who are betting that prices will continue to fall in trouble. Of the approximately US$25 million positions cleared in the past four hours, 78% belonged to investors expecting a decline in Bitcoin prices.

In the last hour alone, approximately US$13 million of positions have been liquidated, of which approximately US$12 million came from short positions. As prices rose, these bearish trades were forced to unwind, further accelerating the price recovery process.

Despite this, Bitcoin has yet to recover the key resistance level of $83,000 that began Thursday's sell-off. According to data, prices were still about $800 below that level at the time.

How can the Federal Reserve's policies and the situation in Iran suppress crypto prices?

There are multiple intertwined factors behind the sharp decline in Bitcoin. Minutes of the Federal Reserve meeting showed that most officials expected to raise interest rates again before the end of the year. That expectation has eroded the market's appetite for risky assets; at the same time, news of a possible resumption of the conflict in Iran has pushed oil prices higher.

In addition, Ethereum researcher Justin Drake's warning about artificial intelligence also exacerbated market uneasiness. Drake pointed out that artificial intelligence technology could threaten the cryptographic systems that protect encrypted wallets sooner than expected.

It is worth noting that between Monday and Thursday, investors increased their leveraged positions when Bitcoin prices fluctuated between US$83,000 and US$87,000. When the price fell below the lower limit of the range, a large number of positions were forcibly closed, causing further concentrated downward pressure.

The large-scale liquidation on October 10, 2025 reappears public opinion

The recent sharp market fluctuations have also reminded people of the historic wave of liquidations that occurred on October 10, 2025. On that day, the amount of clearing in the cryptocurrency market in a single day reached approximately US$19 billion. The $1.19 billion liquidation recorded on Thursday was only one-sixteenth of that historical peak.

Despite the lapse of one year, the characteristics of leveraged trading that amplify price fluctuations are still one of the core risks facing the market. Whether Bitcoin can regain the $83,000 mark and whether spot demand strengthens will be key factors in determining the short-term market outlook.

The $356 million liquidation scale on the Ethereum side does not alone prove the beginning of a long-term downtrend. However, such heavy liquidation relative to market value clearly demonstrates the extreme sensitivity of leveraged positions to price movements.

This content is based on general market data and does not constitute investment advice. Readers are advised to conduct independent research.