Crypto futures saw $236.7 million liquidated during a 24‑hour market shake‑up.

crypthub

about 12 hours ago

Market Shock

On March 15, 2025, crypto futures saw $236.7 million liquidated in 24 hours, mainly hitting over‑leveraged longs. The surge spanned Bitcoin, Ethereum and Solana contracts across Binance, Bybit and OKX. Macro uncertainty and recent regulatory changes created systemic pressure, prompting coordinated closures. Analysts view the event as a stress test of market resilience.

Asset Breakdown

Bitcoin futures lost $122.02 million, with 71.6 % of liquidations from long positions. Ethereum accounted for $95.58 million, 73.6 % long, while Solana saw $19.10 million, 81.8 % long. Overall, roughly three‑quarters of the wiped‑out value came from bullish bets. The concentration amplified price drops and margin calls.

Mechanics & Risks

Perpetual futures have no expiry and use funding rates to align with spot prices; rapid moves trigger automatic liquidations via mark‑price systems. High leverage and low collateral buffers left many traders exposed when prices reversed. Improved oracles, insurance funds and cross‑margin tools have reduced systemic fallout compared with 2021 events.

Implications

The episode highlights the need for tighter risk controls, diversified exposure and sufficient collateral. Regulatory transparency introduced after 2023 helped keep exchanges stable. Future stability will depend on balanced innovation in both centralized and decentralized derivatives markets.

Crypto futures saw $236.7 million liquidated during a 24‑hour market shake‑up.

Market Shock

Asset Breakdown

Mechanics & Risks

Implications

Crypto futures saw $236.7 million liquidated during a 24‑hour market shake‑up.