Ether traders lose $356m as leverage unwinds overnight
Bitcoin clawed back to $82,200 after Trump ruled out an Iran strike before the midterms.
The hit
Ether bettors got hit hardest in a late-Thursday crypto sell-off, according to CoinDesk. About $356m in ether positions were liquidated over 24 hours, more than bitcoin’s $298m, despite ether’s market value being less than a fifth as large.
Why it matters
Leverage cuts both ways. Traders who borrowed to amplify bullish bets got forced out automatically as losses ate their collateral, selling into a falling market & dragging prices down further for the next overleveraged position in line. Ether’s smaller market made the damage proportionally worse.
The record
| Ether liquidations (24 hours) | $356m, vs bitcoin’s $298m (CoinDesk) |
|---|---|
| Total crypto liquidations | $1.19bn, over $1bn from bullish bets (CoinDesk) |
| Largest single wipeout | ~$20m ether position on Hyperliquid |
| Bitcoin price move | fell from $83,200 to $80,400, rebounded after Trump’s Iran comments |
| 10 October 2025 comparison | $19bn liquidated in a single day, ~16x Thursday’s total |
What happens next
The squeeze comes a day before the anniversary of the record $19bn single-day liquidation on 10 October 2025. Bitcoin sits about $800 below where Thursday’s selling began.
Sources: Ether bets were wiped out at six times bitcoin’s rate in crypto’s $1 billion flush
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