Bitcoin, Ethereum, and XRP Crash as $1.7B Got Liquidated in 24 Hours

The crypto market just suffered its biggest flash crash since October 2025, wiping out $108 billion in just six minutes. The total market value fell from $2.68 trillion to $2.55 trillion as selling pressure increased. More than $1.71 billion in crypto positions were liquidated, hitting Bitcoin, Ethereum, and altcoins the hardest.

Crypto Rally Halt Turned Into $1.7B Liquidations

According to CoinGlass, 281,846 traders were liquidated in the past 24 hours, causing around $1.71 billion in total losses. Most of the damage came from long positions, with $574 million wiped out in just four hours as Bitcoin and other cryptocurrencies dropped sharply.

The liquidation wave also hit crypto derivatives markets hard. Open interest across cryptocurrencies fell by $3.34 billion, or 5.18%, in a short period, leaving total open interest at around $55.60 billion.

The sharp decline shows how quickly leverage was removed from the market.

Over the past four days, more than $4.5 billion in long positions have been liquidated across crypto, making it the seventh largest liquidation event in crypto history.

Bitcoin, ETH and XRP See Sharp Drops

At first, Bitcoin’s rally from $63,600 to $79,500 triggered around $2.7 billion in short liquidations. However, the trend reversed on August 22, putting heavily leveraged long positions under pressure.