‘Largest Ever’ Crypto Liquidation Event Wipes Out $19 Billion in 24 Hours

A massive wave of crypto liquidations has rocked the market, wiping out over $1.23 billion in trader capital on Hyperliquid and $19 billion across the broader crypto market in just 24 hours. The unprecedented event marks the largest single-day liquidation in crypto history by dollar value.

What to Know

• More than 1,000 wallets on Hyperliquid were completely liquidated, while 6,300 wallets ended in the red, with 205 wallets losing over $1 million each.
• The sell-off, triggered by U.S. President Donald Trump’s announcement of new tariffs on Chinese imports, erased $19 billion across the crypto market.
• Bitcoin briefly dropped below $110,000 and Ether fell under $3,700.
• According to CoinGlass, the actual total liquidations are likely higher, as some exchanges like Binance report with delays.
• The ongoing U.S. government shutdown has delayed key economic data releases, adding to uncertainty and volatility.

A Historic Market Wipeout

Data from Hyperliquid’s leaderboard shows that over 1,000 wallets were fully liquidated, leading to $1.23 billion in total trader losses on the platform. In total, 6,300 wallets are now in negative territory, with 205 losing more than $1 million each, and more than 1,000 accounts losing over $100,000.

The liquidation wave followed a sharp sell-off triggered by Trump’s announcement of a 100% tariff increase on Chinese imports, which sparked a global risk-off event. The move caused panic selling across asset classes and sent crypto prices tumbling.

Bitcoin (BTC) briefly dropped below $110,000, Ether fell below $3,700.

The Biggest Winners and Losers

Leaderboard data revealed a dramatic redistribution of wealth among traders.
The top 100 traders on Hyperliquid collectively gained $1.69 billion, while the top 100 losers dropped $743.5 million, resulting in a net profit of $951 million concentrated among leveraged short sellers.

The biggest winner, wallet 0x5273…065f, made over $700 million from short positions.
The largest loser, known as “TheWhiteWhale,” suffered a $62.5 million loss.

Among the victims was crypto personality Jeffrey Huang, also known as Machi Big Brother, who lost almost $14 million. “Was fun while it lasted,” he posted on X following the liquidation.

Volatility Deepens Amid U.S. Shutdown

The situation is further complicated by the ongoing U.S. government shutdown, which has delayed the release of crucial economic indicators. Without official data on inflation or employment, traders are flying blind, amplifying market uncertainty.

The combination of geopolitical tension, policy shocks, and data scarcity has created a perfect storm of volatility across global markets — one that has now led to the largest crypto liquidation event in history.

Q&A

What Caused the Massive Crypto Liquidation?

The liquidation was triggered by U.S. President Donald Trump’s announcement of new tariffs on Chinese imports, which led investors to sell off risk assets, including crypto.

How Bad Was the Impact on Hyperliquid?

Over 1,000 wallets were completely liquidated, and 6,300 accounts are now in losses, totaling $1.23 billion in erased trader capital.

How Much Was Lost Overall?

Across the entire crypto market, $19 billion in trader capital was wiped out within 24 hours, marking the largest single-day liquidation in history.

Who Were the Biggest Winners and Losers?

The top 100 traders on Hyperliquid gained $1.69 billion collectively, mostly from short positions. The biggest winner gained $700 million, while the largest loser dropped $62.5 million.

What Role Did the U.S. Shutdown Play?

The ongoing government shutdown delayed key economic reports, leaving markets without reliable data. This increased uncertainty and added to the volatility that fueled the sell-off.