Ethereum Trade on Hyperliquid Stands Out as Largest Amid $1B Crypto Liquidations

A $29.1 million ETH-USD long liquidation on Hyperliquid highlighted the rising influence of decentralized perpetual exchanges amidst a broader $1.19 billion in crypto liquidations. Almost 90% of the liquidated positions were long, impacting over 260,000 traders and reflecting a bullish market sentiment that led to overcrowding in long positions. In total, Ether saw $448 million in liquidations, with Hyperliquid recording $281 million, placing it second after Bybit’s $311 million. The significant number of liquidations comes as Bitcoin's price fluctuated around $111,000, suggesting that the current market sentiment remains volatile. Analysts note that while this situation clears out highly leveraged positions, risks still linger due to stretched trader positioning. Nevertheless, some believe that projects with sustainable revenue could attract traders despite the overall bearish mood, predicting a gradual uplift for altcoins as they seek to differentiate from macroeconomic pressures.

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