The crypto market saw heavy liquidations totaling $449.11 million, with the overwhelming majority coming from longs. Out of this figure, $362.34 million came from longs and just $87 million from shorts, showing that most traders were positioned for the upside.

Bybit and Binance dominated activity, accounting for $166.53 million and $140.36 million in liquidations, respectively, while OKX and Gate followed at a distance.

Screengrab showing the total 24-hour liquidations across the crypto market on Aug. 20, 2025, 9:20 UTC (Source: CoinGlass)

Ethereum was at the center of this move, recording $179 million in forced closures, the largest among all assets. Bitcoin followed with $102.34 million.

The concentration of liquidations in ETH reflects its sharper price drop: Ethereum fell nearly 6% over the period, closing near $4,073, while Bitcoin lost about 2.78% to $112,604. The scale of ETH’s decline relative to BTC made leveraged longs particularly vulnerable, which explains why ETH outweighed BTC despite Bitcoin’s larger market size.

The hourly breakdown shows that most of the wipeouts came in clusters, with $128.49 million liquidated in just 12 hours. The single largest liquidation order, valued at $9.7 million, occurred on Binance in the BTCUSDT pair.

Across exchanges, liquidation ratios also showed how skewed traders were. On HTX and CoinEx, more than 86% of liquidations came from longs, while Bitfinex recorded an extreme 99.9% on the long side.

Even on exchanges with more balanced activity, such as OKX and Hyperliquid, liquidations leaned heavily against longs. This pattern tells us that the liquidation cascade was not the result of a broad two-way flush but rather a concentrated squeeze on long positions.

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