Single trader just lost $220 million as ether plunged 10%

A massive ETH liquidation on Hyperliquid led a leverage-driven wipeout that pushed total crypto liquidations past $2.5 billion in 24 hours.
What to know:
More than $2.5 billion in crypto positions were liquidated in 24 hours, including a single $222.65 million ether trade on the Hyperliquid exchange.
Ether led the sell-off with over $1.15 billion in positions wiped out as it fell as much as 17 percent, followed by about $788 million in bitcoin and nearly $200 million in Solana liquidations.
The wave of forced liquidations, concentrated in long positions and exacerbated by thin liquidity, underscores how leveraged trading can trigger cascading price moves and potential market reversals.
One trader lost more than $220 million on an ether position as a fresh wave of forced liquidations swept through crypto markets, pushing total losses over the past 24 hours to nearly $2.6 billion.

The largest single liquidation occurred on decentralized derivatives exchange Hyperliquid, where an ETH-USD position worth $222.65 million was wiped out, according to CoinGlass data.