A single crypto trader lost 201 BTC, worth about $15.6 million, after being liquidated eight times during a fast market reversal that followed a sharp selloff in U.S. equities. The episode, flagged by on-chain tracker Lookonchain, unfolded as panic selling spread from Wall Street into digital assets.

The broader damage was extensive. CoinGlass data cited in the report showed 209,826 traders were liquidated over 24 hours for a combined $1.08 billion, with long positions accounting for $956 million of that total.

A rapid unwind in leveraged positions

The eight forced closures underscore how quickly leveraged bets can be wiped out when prices move abruptly. The reported losses were linked to trading conditions on platforms such as Hyperliquid, where positions can be closed automatically if margin requirements are no longer met.

In the same 24-hour period, shorts represented a much smaller share of liquidations at $130.78 million, while long traders absorbed the vast majority of losses. The imbalance points to a market that had been positioned for further upside before the reversal hit.

Wall Street weakness spilled into crypto

The selloff began in traditional markets. According to the source report, the Nasdaq Composite dropped nearly 5% intraday in its worst session in months, and crypto prices turned lower soon after.

Bitcoin had briefly traded above $80,000 before reversing sharply and falling to $75,572. Ethereum slid to $2,239, while Solana dropped about 5.9% during the broader risk-off move.

Bitcoin and Ethereum led the liquidation totals

Bitcoin recorded the largest liquidation total at $282.37 million, followed by Ethereum at $173.75 million. Nearly 89.4% of Bitcoin liquidations were tied to long positions, reinforcing how heavily the market had leaned in one direction.

The largest single liquidation reported in the period was a $10.94 million ETH long on Binance. Binance also accounted for the biggest share of overall liquidations, capturing 44.3% of the total, according to the cited data.

Key levels and market sentiment

Market commentary in the report said leverage trading played a major role in the previous 24 hours, with the $75,000 area identified as an important level for long positions. That zone was said to align with the Nasdaq's low during the selloff, making it a closely watched point as both markets fell.

Sentiment indicators showed a more cautious mood but not outright capitulation. The Crypto Fear & Greed Index was at 50, described as neutral, compared with 73 last month and 34 a day earlier. The next confirmed reference point for traders remains whether Bitcoin can hold around the levels tested during the plunge, especially near the $75,000 area highlighted in the report.

Source: beincrypto.com