Crypto Market Faces $1.38B Liquidation Storm in 24 Hours, Bitcoin and Ethereum Lead Losses

Recent statistics show that the crypto market forced 444,910 traders to experience $1.38 billion worth of liquidations within the past 24 hours. The enormous cryptocurrency liquidations demonstrate the extreme market fluctuations that caused traders to experience forced position closings during falling marketplace conditions which exposes the dangerous risks of crypto trading.

LIQUIDATION DATA IN 24 HOURS

TOTAL LIQUIDATIONS: UP TO $1.38B

TOP 5 COINS WITH HIGHEST LIQUIDATION:… pic.twitter.com/xTsvRWi8H0

— PHOENIX – Crypto News & Analytics (@pnxgrp) April 7, 2025

Crypto Market Suffers Major Losses

The hardest hit by the market liquidations became Bitcoin ($BTC) and Ethereum ($ETH) as they suffered $474.17 million and $393.60 million worth of losses. The leading market assets facing liquidations represent more than 70% of the entire market liquidation volume. 

The total value wiped out from Solana ($SOL) during the recent event equaled $70.03 million as XRP ($XRP) and Dogecoin ($DOGE) shared $63.57 million and $34.87 million in losses respectively. 

The market forces hit diverse cryptocurrencies including $SUI and $ADA which faced $16.23 million and $16.22 million in liquidations as well as $LTC, $LINK, $TRUMP, $AAVE, and finally $BNB that accounted for $14.99 million, $8.16 million, $6.98 million, $6.5 million and $6.3 million respectively. 

Exchanges at the Center of the Storm

The preference of leveraged traders for ByBit resulted in $550.97 million in liquidations placing them in the top position among exchanges. 

The leading exchange Binance accrued $274.38 million close to the amount of its dominant 43.66% spot trading volume share in 2025 thus becoming an active platform for intense trading. The crypto exchanges Gate.io and OKX alongside HTX experienced $178 million in liquidations and $170.27 million and $115 million respectively. 

The exchange Bitfinex got $57.80 million in liquidations but CoinEx and BitMex had amounts of $19.64 million and $6.93 million respectively. 

Volatility Driven by Market and External Factors

The $1.38 billion liquidation event keeps the $2.41 trillion crypto market cap stable but reflects the high danger of using leverage during a volatile market that experiences external shocks. The crypto market needs traders to be cautious with leveraged trades as it faces present difficulties.