Cryptocurrency liquidations crossed $1 billion over a single 24-hour period, driven largely by forced buying that cost short sellers $844 million, according to data from CoinGlass cited by CoinDesk.
The total wipeout of leveraged bets affected roughly 135,000 traders, according to CoinGlass figures reported by CoinDesk. Short sellers accounted for 82% of the liquidations, creating a cascade where rising prices forced exchanges to buy back assets automatically to cover failing collateral. Bitcoin positions represented $608 million of the daily total, and ether liquidations reached $181 million, with the largest single loss recorded as a nearly $21 million bitcoin position on Hyperliquid.
Dogecoin and Major Token Performance
Dogecoin led the market rebound among major tokens, climbing more than 15% to trade just above 10 cents, according to CoinDesk data. XRP advanced 7% to nearly $1.52, Solana (SOL) gained 5% to just under $117, and ether rose 3% to nearly $2,740. Binance Coin (BNB) and Tron (TRX) each posted gains between 1% and 2%. Zcash (ZEC) stood as the sole large-cap decliner among major tokens, falling 4% to just above $1,450.
Market dynamics shifted significantly following the initial squeeze. Hourly liquidations dropped to under $11 million, a sharp decline from the peak of more than $300 million per hour recorded during the height of the move, according to KCEX and CoinDesk reporting. This stabilization indicates that forced selling has largely exhausted itself, leaving subsequent price action dependent on organic spot demand rather than cascading liquidations.
Equities and Artificial Intelligence Catalysts
The digital asset rally tracked a firm tone across Asian equity sessions. MSCI’s Asia Pacific gauge rose nearly 1% to secure a fifth day of gains, supported by semiconductor strength. South Korea’s Kospi advanced 2%, and Taiwan’s benchmark index touched an intraday record, driven by chipmakers Samsung Electronics and SK Hynix tracking U.S. technology stocks, according to KCEX.
Artificial intelligence infrastructure demand fueled the broader equity momentum, underscored by Advanced Micro Devices (AMD) approaching a $1 trillion market capitalization and Meta Platforms scaling its new AI agent, Muse. Released across Facebook, Instagram, and WhatsApp, Muse surpassed ChatGPT to become the top free app on Apple’s U.S. App Store within two weeks of launch, drawing nearly 3 million installs worldwide and outperforming ChatGPT’s first 12 days on iOS by nearly 40% in the U.S. and Canada, according to Apptopia data cited by KCEX and CoinDesk.
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