During the recent cryptocurrency market downturn, over 562,000 traders were liquidated within a 24-hour period, resulting in total liquidations exceeding $1.7 billion.

The majority of these liquidations involved long positions, accounting for approximately $1.55 billion of the total.

The largest single liquidation order occurred on Binance in the ETHUSDT pair, valued at $19.69 million.

This event marks one of the most significant liquidation occurrences since 2021, highlighting the volatility and risks associated with leveraged trading in the cryptocurrency market.

Notably, Bitcoin liquidations totaled $163.4 million, while Ethereum accounted for $204.7 million during this period.

The broader market experienced a capitalization shrinkage of 7.5%, reflecting significant losses across major cryptocurrencies.

These figures underscore the importance of risk management strategies for traders and investors in the highly volatile cryptocurrency markets.