Over the span of just one day, $201.87 million was wiped out in liquidations, blindsiding a staggering 74,152 traders. With short positions astonishingly overwhelmed, making up nearly 65% of the total, the aftermath of a sudden market rebound left many in disbelief. Ripple’s XRP led the disruption, surging 14.34%, and this ripple effect wasn't confined to XRP alone. So, what fueled these outsized moves across altcoins and major cryptos alike, leaving both retail and institutional traders reeling? Discover the market dynamics that no one saw coming.

Over 74,000 positions liquidated after modest market recovery, indicating high leverage
Short positions bear the brunt as market rebound triggers chain reaction of liquidations.


Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Featured
SponsoredIn this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.

Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).

The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.

Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.

Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.

Binance
Exchange Company in Asia, EuropeBinance is a global leader in the blockchain ecosystem and cryptocurrency infrastructure, offering a comprehensive suite of services, including the world’s largest digital asset exchange by trading volume.

Bybit
Exchange Company in AsiaBybit is a cryptocurrency derivative trading platform established in March 2018 and registered in the BVI.

OKX
Exchange Company in AsiaOKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.

HTX
Exchange, Mining Pool, Venture Capital Company in AsiaHuobi, a virtual asset exchange, launched a revised branding strategy on September 13, 2023, where “Huobi” will be rebranded as “HTX.” “H” stands for Huobi, “T” represents TRON with a commitment to being all in TRON, and “X” stands for the exchange.