The cryptocurrency market suffered a catastrophic flash crash on Thursday.
The sudden Bitcoin plunge has resulted in nearly $800 million in leveraged positions being liquidated over the last 24 hours.
The carnage was most severe in a single, brutal hour of trading where bulls were caught off guard.
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According to CoinGlass liquidation data, a staggering $301.15 million in long positions were wiped out in just 60 minutes. Longs accounted for 96% of the damage ($301.15 million).
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Bullish traders with no time to react as Bitcoin plunged from highs near $90,600 toward the $84,000 support level.
The liquidation cascade
Over the full day, $797.91 million has been erased from the market. Of this, $690.26 million came from bullish traders who were betting on a breakout to new highs.
Bitcoin (BTC) plunged 5.3% to $84,635, dragging the broader digital asset market down with it.
The single largest liquidation order of the day occurred on Hyperliquid, where a massive $31.64 million BTC-USD position was forcibly closed.
Hyperliquid processed $137.99 million in liquidations, CoinGlass data shows. It accounts for nearly 28% of the global total. Binance and Bybit come in second and third places, respectively.
BTC/JPY liquidity surges
In the meantime, a surprising anomaly emerged in the spot markets during the recent crash, according to David Lawant, researcher at Anchorage.
The Binance BTC/JPY spot pair has seen "unprecedented" liquidity during the dump, which is rather rare.
"The most interesting thing about this price dump is how liquid the Binance BTC/JPY spot pair has been," Lawant posted on X. "It's very rare to see something that is not a USD or stablecoin BTC spot pair in the top 10 most liquid."
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