Long positions made up about 86% of the damage as Bitcoin and Ethereum led a broad derivatives flush tracked by CoinGlass
More than a quarter of a million crypto traders had their positions forcibly closed in a single day. Liquidations hit 254,045 traders over the past 24 hours, according to data tracked by CoinGlass.
The total value of the positions wiped out came to approximately $1.67 billion.
The flush came on October 30, 2026, across the major derivatives venues. It landed alongside a reported security breach at Binance, which the exchange estimated affected around $6.3 billion in assets.
Who got caught, and where
The damage was lopsided. Roughly 86% of the liquidated positions were longs, meaning traders who had borrowed money to bet that prices would rise.
Traders post collateral, called margin, and borrow against it to control a larger position. If the price moves against them far enough, the exchange automatically closes the trade to stop the losses from exceeding the collateral. That forced exit is a liquidation.
Bitcoin led the carnage, with liquidated positions worth around $560 million. Ethereum came second, at roughly $360 million.
By venue, Binance accounted for about half of all liquidation volume. Hyperliquid, the onchain derivatives exchange, made up somewhere between 19% and 22%, while OKX handled a smaller share.
The single largest liquidation was a curveball. It was a BTCUSDT short on Binance worth approximately $11.4 million.
The Binance backdrop
The liquidations did not happen in a vacuum. Binance reportedly suffered a security breach, and the exchange estimated it affected around $6.3 billion in assets.
The incident reportedly prompted Binance to suspend deposits and withdrawals.
The reported breach added downward pressure across major crypto assets, particularly Bitcoin and Ethereum. Selling begets more selling when leverage is involved, because each forced liquidation dumps more supply into an already falling market.
What this means for traders and the market
The first takeaway is about positioning. With longs making up roughly 86% of liquidations, the market was clearly leaning bullish and heavily leveraged going into the move.
The second takeaway concerns venue risk. Suspended deposits and withdrawals can limit a trader’s ability to add collateral or move funds when they need to most.
Hyperliquid’s share of somewhere around a fifth of total liquidation volume is also worth noting. An onchain venue now sits alongside centralized giants like Binance and OKX as a meaningful destination for leveraged crypto trading, and it was carrying real weight during this flush.
