In the past 24 hours, approximately $356 million worth of Ethereum (ETH) positions were liquidated, exceeding the scale of Bitcoin liquidations, despite Ethereum's market capitalization being less than one-fifth of Bitcoin's.

Ethereum traders faced liquidations of approximately $356 million within 24 hours, exceeding Bitcoin's $298 million, despite Ethereum's market capitalization being less than one-fifth of Bitcoin's.

The total settlement amount in the crypto market reached $1.19 billion, of which over $1 billion came from long positions. Concerns about interest rates, geopolitical tensions, and warnings regarding artificial intelligence disrupted the leveraged markets.

After President Trump ruled out launching strikes against Iran before the midterms, Bitcoin rebounded to around $82,200, triggering a liquidation of about $25 million that lasted for four hours, with most of it occurring among bearish traders.

The decline in the crypto market on Thursday evening hit Ethereum traders the hardest, with approximately $356 million in Ethereum positions being liquidated within 24 hours. The amount of Bitcoin positions liquidated was $298 million, despite Bitcoin's market value being more than five times that of Ethereum.

Liquidation refers to the process where, after a trader borrows money to increase their bet size, losses erode their collateral. In such cases, the exchange will automatically close their position. This often happens when the market is already declining, and the exchange continues to sell, further driving down prices and affecting the next trader.

Calculated across the entire market, a total of $1.19 billion in positions were liquidated within 24 hours, of which over $1 billion came from long positions, that is, traders who bet on price increases. The largest single margin call was from a nearly $20 million Ethereum position on Hyperliquid. Hyperliquid is a decentralized exchange used for leveraged trading.

Measured by scale, Ethereum has suffered about six times the impact as Bitcoin.

In terms of market value, the liquidation amount for Ethereum is approximately equivalent to a loss of $1.2 million for every $1 billion in market value, while for Bitcoin it is about $180,000. Ethereum has fallen by more than 3%, to around $2,490; Bitcoin has fallen by about 1%.

The settlement amount for SOL is an additional 71 million US dollars, XRP is 34 million US dollars, and NEAR is 25 million US dollars. All other tokens contribute a total of about 119 million US dollars as well.

After the minutes of the Federal Open Market Committee meeting indicated that most officials expected another interest rate hike before the end of the year, and a report stated that the Pentagon was preparing for renewed combat in Iran and driving up oil prices, Bitcoin fell from around $83,200 to a low of around $80,400 later on Thursday.

Ethereum researcher Justin Drake warns that artificial intelligence may crack the mathematical mechanisms protecting encrypted wallets earlier than expected, which has also intensified market tensions. Traders have been leveraging up this week as Bitcoin has been fluctuating between $83,000 and $87,000; once this range is broken, many positions could be wiped out.

For further reading:Bitcoin and Ethereum holders are urged to enter “bunker mode” in preparation for possible AI attacks

Today, bears are paying the price for the rebound. After Trump stated that the United States would not strike Iran before the midterms, Bitcoin rebounded to around $82,200. In the past four hours, approximately 78% of the $25 million in liquidations came from traders who bet on further declines. In just the past hour, bears accounted for nearly $12 million of the about $13 million in liquidations.

This round of pressure occurred on the day before the anniversary on October 10th. On October 10, 2025, a record 19 billion dollars in positions were liquidated in a single day, which is about 16 times the total amount on Thursday. Bitcoin is currently about $800 lower than $83,000, and the selling pressure on Thursday began around this level.

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