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BTC 
ETH Ethereum traders bear the biggest losses: Market volatility in the wave of leveraged liquidations
According to clearing data from CoinGlass, Ethereum (ETH) traders suffered the most serious losses during the leveraged liquidations on Thursday night. Within 24 hours, approximately $345 million in ETH positions were forcibly closed, compared with approximately $262 million in Bitcoin (BTC). This gap is remarkable because Ethereum's market value is less than one-fifth that of Bitcoin, but it generates more forced sales in absolute terms.
Total liquidations across the market reached US$1.09 billion in 24 hours, of which more than US$940 million came from long positions betting on price increases, with a total of 181,262 traders involved in the volatility. The single largest liquidation event occurred on Hyperliquid, a decentralized perpetual contract exchange, when a nearly US$20 million Ethereum position was cleared. During this period, Ethereum prices fell about 3% to nearly $2,490; Bitcoin fell slightly by about 1% to about $82,400.
Why Ethereum suffered a heavier blow
Based on market size, Ethereum's losses far exceed Bitcoin. Its liquidation amount of approximately US$345 million is relative to a market value of approximately US$295 billion, which means that every US$1 billion in market value corresponds to more than US$1 million in liquidation; in contrast, Bitcoin's US$262 million in liquidation amount is relative to a market value of more than US$1.6 trillion, and each US$1 billion in market value corresponds to only approximately US$160,000 in liquidation volume. This means Ethereum's clearing strength per dollar is about seven times that of Bitcoin, which suggests that smaller assets accumulated more leverage risk when Bitcoin fluctuated in the $83,000 to $87,000 range earlier this week.
When losses erode a trader's collateral, leveraged clearing automatically closes borrowed positions and sells them into the already falling market, pushing prices further lower and affecting subsequent traders. Smaller, less liquid markets are more sensitive to this forced flow of funds, which is why the same risk aversion has triggered more drastic price fluctuations in the Ethereum market than in the larger, deeper Bitcoin market.
Three major pressures triggering a wave of liquidation
Three pressures converged on Thursday night to lead to the liquidation. Federal Reserve minutes show that most officials expect another rate hike before the end of the year; a report on the Pentagon's preparations to resume war on Iran has pushed up oil prices; and Ethereum researcher Justin Drake warned that artificial intelligence may undermine the cryptographic security that protects wallet keys sooner than expected. These factors have combined to intensify market risk aversion, and the leverage accumulated during this week's range turmoil amplified the downward movement once prices fell below key levels.
Bitcoin fell below $83,000 earlier in the trading session, setting the tone for the macro context.
Rallies and subsequent concerns
After President Donald Trump said that the United States would not attack Iran before the midterm elections, Bitcoin rebounded to around $82,200, and bears became the main victim of this rapid rebound: Over the next four hours, about 78% of the approximately $25 million in liquidations came from traders betting on further price declines. The rebound kept Ethereum prices near $2,490, but still below the level at which Ethereum ETF outflows began to accelerate.
此次清算潮发生在一周年纪念日的前一天，即2025年10月10日，当天创纪录的190亿美元头寸被一次性清算，约为周四总清算量的十六倍。此次清算是清除了过剩杠杆，还是仅仅标志着行情的暂停，目前取决于反弹能否持续。由于以太坊多头清算最集中的区域位于2,450美元附近，若价格重新跌破该水平，将为下一轮下跌打开大门。
