Crypto Derivatives Market Hit by Massive 24H Liquidations as 219,704 Traders Wiped Out
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The crypto derivatives market passed through a rocky 24-hour period on December 1, 2025, with the total liquidation soaring across the key exchanges. The intensity of the market volatility was depicted by the number of traders that were liquidated to a total of 219,704.
The largest single crypto liquidation order was on Binance, the BTCUSDC trading pair and was worth $14.48 million. This one occasion underlined the sharp market reprisals that affected both long and short positions within industries.
BTC, ETH, and SOL Lead Asset Liquidations
Bitcoin was the most heavily liquidated crypto asset with a total of 205.51 million being cleared on long and short positions, which is equal to around 2.37K of BTC. Ethereum came next with a liquidated amount of $159.76 million amounting to approximately 56.29K ETH.
Solana had the third position of liquidated assets totalled to $35.57 million, which is about 279.41K SOL. These statistics underline the prevalence of large-cap cryptos in causing recent market volatility.
Altcoins Experience Strong Liquidation Pressure
Great volumes of crypto liquidation were also made in the Altcoins. XRP suffered liquidations valued at $16.84 million which equates to a figure of about 8.17M XRP. Pippin had liquidations amounting to $15.24 million, which is approximately 106.57M tokens.
DOGE was liquidated, $10.08M or 73.04M DOGE. Other assets that were hit were HYPE at $9.96 million or 322.64K tokens, SUI at $5.23 million or 3.81M SUI and LTC at $4.73 million or 60.88K LTC. MON observed $4.23 million liquidations or about 187.33M tokens whereas BNB incurred a loss of $3.80 million or 4.57K tokens.
ADA came in with the final number of $3.73M liquidated which was about 9.61M ADA. The data represents general pressure in most of the major altcoins as leveraged positions were rolled up.
Exchange Liquidation Breakdown Reveals Market Trends
The largest volume of exchange liquidation was achieved by Binance at 171.62 million. Bybit came in second with a value of $163.43 million followed by Hyperliquid with a value of 153.23 million. Gate liquidated $63.10 million, OKX liquidated $50.99 million, and HTX liquidated $29.73 million.
CoinEx recorded $7.56 million, with BitMEX recording the lowest share of 2.09 million. This data reflects the hegemony of centralized crypto perpetual futures exchanges which receive high leverage resulting in large cascades of liquidation during sudden crypto market shifts.
Short and Long Rate Imbalances Highlight Trader Sentiment
The 24 hours data indicates that there is a significant difference in short and long liquidation rates between exchanges. Binance registered short rate of 16.25% and long rate of 83.75%. Bybit reported short rate and long rate of 9.45% and 90.55% respectively. Hyperliquid had a negative short rate of 1.58% relative to the overwhelming majority of 98.42% long rate.
Gate had short rate of 19.12% as compared to long rate of 80.88%. OKX recorded a 18.44% short rate and 81.56% long rate. HTX recorded short rate of 23.09% and long rate of 76.91%.
CoinEx reported a short rate of 19.73$ and long rate of 80.27% whereas the short rate of BitMEX was 9.49% versus a long rate of 90.76%. These ratios show that long traders suffered the liquidation wave in almost all the exchanges.
Largest Single Order Highlights High-Leverage Exposure
The largest order to trade on Binance was a liquidation order in the BTCUSDC trading pair and was 14.48 million. The magnitude of this liquidation highlighted the high risk atmosphere in the derivatives market where crypto traders are willing to take on excessive leverage in spite of the increasing volatility.
These oversized liquidations serve as catalysts to cascading sell offs that affect market structure and liquidity depth.
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