Crypto Crash Wipes $2B, Liquidates Andrew Tate & Top Traders

According to data from CoinGlass, the cryptocurrency market experienced one of its most devastating liquidation events in recent history, with nearly $2 billion in positions forcibly closed across exchanges. The collapse saw more than 400,000 traders wrecked within the 24-hour timeframe, with long positions bearing the overwhelming brunt of the damage at $1.82 billion. The single largest liquidation occurred on Hyperliquid exchange, where one position worth $36.78 million was completely wiped out, highlighting the scale of the market devastation.

Bitcoin’s dramatic price collapse served as the primary catalyst for the liquidation cascade. The world’s largest cryptocurrency plummeted from $92,000 to $82,000 within 24 hours, representing an approximately 11% decline that triggered nearly $1 billion in Bitcoin-specific liquidations alone. The rapid descent created a domino effect across the derivatives market, where leveraged positions became unsustainable as prices fell below critical support levels, forcing exchanges to automatically close positions to prevent further losses.

Among the most notable casualties was controversial internet personality Andrew Tate, who according to blockchain analytics platform Lookonchain, suffered his 84th liquidation on Hyperliquid exchange. Tate, operating under the handle @Cobratate, opened another long position on Bitcoin that was liquidated within just one hour, extending his painful streak of unsuccessful trades on the platform. The repeated liquidations demonstrate the extreme risks even well-known figures face in the volatile cryptocurrency derivatives market.

Another prominent victim was the so-called ‘Anti-CZ whale,’ an entity that gained fame for taking positions directly opposing those of Binance founder Changpeng Zhao. The whale had previously achieved legendary status with profits skyrocketing to nearly $100 million, largely through strategic shorts including against ASTER following CZ’s purchase last month. However, the latest market calamity saw this entity liquidated, with profits collapsing by approximately 70% to $30.4 million, representing one of the most dramatic reversals of fortune in the current downturn.

The liquidation spree also claimed Machi Big Brother, another popular futures trader who continued doubling down on long positions despite being in a loss position exceeding $20 million. This pattern of persistent long positioning amid a declining market illustrates the psychological traps that even experienced traders can fall into during periods of extreme volatility and market stress.

While Bitcoin’s collapse drove the initial liquidation wave, altcoins suffered even more severe losses that amplified the market-wide devastation. Major cryptocurrencies including ETH, XRP, SOL, DOGE, ADA, and LINK posted declines exceeding Bitcoin’s 11% drop, with Hyperliquid’s native token HYPE experiencing particularly brutal losses of up to 15%. This pattern of altcoins underperforming Bitcoin during market downturns is consistent with historical behavior but proved especially punishing for traders with leveraged positions across multiple assets.

The broader market impact was staggering, with the total cryptocurrency market capitalization bleeding nearly $300 billion and falling to $2.930 trillion according to CoinGecko data. The concentration of liquidations on Hyperliquid exchange, which hosted both Andrew Tate’s 84th liquidation and the single largest $36.78 million position wipeout, highlights how specific trading platforms can become epicenters of market stress during periods of extreme volatility. The data reveals a market caught in a perfect storm of over-leverage, declining prices, and cascading liquidations that affected both retail and institutional participants alike.