The biggest single loss in Thursday's leverage wipeout did not happen on a big centralized exchange.
📌 What happened
Per CoinDesk, about $1.19 billion in crypto positions were liquidated over 24 hours, more than $1 billion of it from longs. The largest single liquidation was a nearly $20 million ether position on Hyperliquid.
🔍 Why it matters
• Hyperliquid is now where some of the market's largest leveraged bets live, not just retail scalps
• $HYPE itself held up better than most, down about 1.7% on the day near $85.7, per CoinGecko
• The token set its record near $98 on September 23, so it is trading only about 12% below that high
👀 What to watch
• Whether open positions on the venue rebuild quickly after the flush, which would show traders still prefer it in volatile weeks
• The risk side: a venue that hosts the biggest positions also concentrates the biggest liquidation cascades, and that can hit activity and sentiment at the same time
💬 Does a $20 million liquidation make you more or less confident in onchain perps venues?
#Hyperliquid #Derivatives
📌 What happened
Per CoinDesk, about $1.19 billion in crypto positions were liquidated over 24 hours, more than $1 billion of it from longs. The largest single liquidation was a nearly $20 million ether position on Hyperliquid.
🔍 Why it matters
• Hyperliquid is now where some of the market's largest leveraged bets live, not just retail scalps
• $HYPE itself held up better than most, down about 1.7% on the day near $85.7, per CoinGecko
• The token set its record near $98 on September 23, so it is trading only about 12% below that high
👀 What to watch
• Whether open positions on the venue rebuild quickly after the flush, which would show traders still prefer it in volatile weeks
• The risk side: a venue that hosts the biggest positions also concentrates the biggest liquidation cascades, and that can hit activity and sentiment at the same time
💬 Does a $20 million liquidation make you more or less confident in onchain perps venues?
#Hyperliquid #Derivatives