Bitcoin, Ethereum Top $375M in Liquidations as Leverage Backfires on Traders

July 10, 2025, Bitcoin and the overall crypto markets were shaken up by a fierce round of liquidations, as 122,094 traders found themselves having their positions forcefully closed.  Based on statistics gathered by Phoenix Group, total liquidations on exchanges exceeded $500M, with extremely volatile markets and high leverage driving the activity.

The largest liquidation order was recorded on HTX, a Bitcoin BTC/USDT pair with a liquidation value of $51.56 million, the largest of the day. Both long and short positions were liquidated on a large scale as traders across platforms struggled with cascading liquidations.

Exchange Rankings: Binance, Bybit, and HTX Take the Lead

Among all exchanges, the liquidation volume on Binance was the largest, which reached $140.09M. Bybit was next with $133.85M, and HTX reported $92.94M. Gate.io added $75.997M to the liquidations that occurred on the day, and another $43.36M was added by OKX.

Other exchanges were Hyperliquid at $23.64M, CoinEx at $4.83M and BitMEX with $2.10M liquidated value. The figures indicate that Binance and Bybit continue to have the largest share of the high-leverage action, which is usually super-liquidated in firm market movements.

Short Sellers Dominated as Market Swung Upward

The in-depth analysis of liquidation ratios has shown one apparent tendency: short sellers faced the greatest part of the losses. The leading short rate was 95.56% in HTX, which implied that virtually each liquidated position was a short.

Gate.io came in right behind with a short rate of 91.60% and Bybit at 86.16% shorts and Binance at 77.92%.

Hyperliquid and CoinEx also had similar tendencies of 94.00 and 91.35 percent short-side domination respectively.

BitMEX was slightly more balanced, with 80.68 percent shorts, whereas OKX exhibited the most stark trading, where it showed a relatively low short rate of 75.43 percent and a relatively high long liquidation rate of 24.57 percent.

Bitcoin and Ethereum Lead in Liquidated Asset Volume

Bitcoin and Ethereum topped in asset liquidations. Bitcoin had a liquidation total of $227.74M, or about 2.05K BTC, with Ethereum in the second position at $147.90M, or 53.22K ETH. These two cryptocurrencies alone have contributed more than $375M in forced position exits, almost being dominant in the spot and derivatives markets.

Altcoins and Meme Tokens Heavily Impacted

Other than Bitcoin and Ethereum , other altcoins had a high volume of liquidation as well. A budding DeFi asset, HYPER liquidated $13.52M, or 35.20M tokens. Next was Solana with $11.73M of positions closed, or 74.32K SOL.

XRP came next with 10.17M (4.15M XRP), and Dogecoin was liquidated in 6.28M with a total of 34.88M DOGE.

Meme and niche tokens were also greatly influenced. MAGIC had a liquidated sum of $4.94M, and Dogwifhat (WIF) had a liquidated sum of $4.20M.

The latest meme coin, PENGU, lost 213.91M tokens worth $4.15M. SUI, ADA, and PEPE rounded out the list of the liquidation proceeds with losses of $3.57M, $3.40M, and $2.99M. Even tokens that have a following in the community could not resist the leverage fallout.

Leverage Warnings Grow as Volatility Continues

July 10 data highlights high leverage trading once again of dangerous trading in volatile markets, with more than $500 million of total volume liquidated.

Some traders were left to make a profit out of the mess, but most of them suffered severe losses, especially because they were short.