On May 31, 2025, the crypto market faced a major correction, triggering over $689.68 million in forced liquidations within just 24 hours. Data from Phoenix Group revealed that 267,877 traders were impacted, with highly leveraged positions collapsing across major exchanges like Bybit, Binance, and OKX.
📉 Bitcoin & Ethereum Lead Liquidation Totals
The two largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), bore the brunt of the losses:
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Bitcoin: $153.13 million liquidated
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Ethereum: $125.60 million liquidated
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Solana (SOL): $36.43 million
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Dogecoin (DOGE): $21.84 million
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Livepeer (LPT): $19.42 million
This underscores how even large-cap assets weren’t immune to the sharp pullback, especially under extreme leverage.
🧪 Retail Traders in Meme Coins Take Major Hit
Highly speculative tokens also saw heavy liquidation:
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PEPE: $7.76 million
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FLOKI: $6.30 million
These figures highlight the elevated risk that retail traders face when overexposing to volatile assets.
💹 Exchange Breakdown: Where the Pain Was Worst
Top exchanges by liquidation volume:
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Bybit: $260.03 million
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Binance: $213.59 million
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OKX: $195.45 million
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GATEIO: $62.74 million
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HTX (Huobi): $41.64 million
The largest single liquidation occurred on OKX — a BTC/USDT trade worth $12.25 million.
📊 Longs vs. Shorts: Position Imbalances Across Platforms
Position breakdown revealed differing trader sentiment:
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Bybit: 78.75% of liquidations from shorts
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Binance: 85.40% from longs
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HTX: 91.62% from longs
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Bitrue: 99.85% from longs, indicating extreme bullish bias
These statistics show how many bulls were caught off guard as price momentum reversed sharply.
⚠️ High Leverage, Low Risk Controls: A Recipe for Disaster
The data paints a clear picture:
Crypto traders are over-leveraged and underprepared for volatility. The collapse of small-cap tokens and meme coins added fuel to the fire, leading to swift and painful margin calls.
📌 Final Takeaway
May 31, 2025, serves as a brutal reminder that leverage magnifies both gains and losses. With over $689 million wiped out, this event underscores the importance of risk management and position sizing, especially during uncertain market conditions.