Bitcoin crashes toward $58K, Ethereum sinks to $1500! The whole network sees $1.42 billion in liquidations—“215K people liquidated.”

According to the latest market data, late on the 25th Taipei time, selling pressure in the cryptocurrency market escalated sharply, leading to a full-scale crash. Bitcoin (BTC) plummeted, nearing the $58k mark, while Ethereum (ETH) took an even steeper dive, breaking below $1,600 and approaching $1,500. This wave of panic selling triggered a staggering $1.42 billion in total liquidations across the network in the past 24 hours, wiping out over 215k contract traders, and even saw a single liquidation order exceeding $38 million.
(Previous report: PlanB warns Bitcoin will fall below the "realized price" of $53k! Can historical bear market rules be broken?)
(Background: Bitcoin drops below $59,100, crushing long positions! 24h liquidations reach $988 million, fear index crashes to 12)

The selling tsunami in the cryptocurrency market not only shows no signs of stopping but is intensifying. After Bitcoin fell below the $60k mark early on the 25th, late on the 25th Taipei time, the market was hit by another highly destructive wave of selling pressure. The defenses of Bitcoin (BTC), the largest cryptocurrency by market cap, completely collapsed, with prices plunging to near the $58,000 mark.

At the same time, Ethereum (ETH) suffered an even more brutal decline, easily breaking below the key psychological level of $1,600 and even nearing the $1,500 mark, plunging the entire market into extreme panic.

Total network liquidations skyrocket past $1.42 billion, 215k people wiped out

This cascade of free-fall declines triggered a catastrophic chain of liquidations in the derivatives market. According to the latest data from CoinGlass, in the past 24 hours, a total of 215,290 investors worldwide faced forced liquidations, with total network liquidations surging to $1.42 billion (approximately $1.42 billion).

Compared to the previous day's data, the scale of liquidations grew exponentially within just a few hours, indicating that remaining long positions in the market have been completely annihilated, with many investors attempting to "buy the dip" during the decline also trapped and liquidated.

Hyperliquid sees a "record" liquidation order of $38.05 million

In this indiscriminate slaughter triggered by extreme market conditions, even whales with massive capital could not escape. Data further reveals that the largest single liquidation order across the network in the past 24 hours occurred on the BTC-USD trading pair of the decentralized perpetual contract exchange Hyperliquid, with a value of a staggering $38.05 million (approximately $38.05M).

This liquidation order, worth over $1.1 billion in New Taiwan Dollars, highlights the harsh reality of liquidity drying up instantly under extreme selling pressure. As Bitcoin continues to test the $58,000 support zone, investors should strictly manage their leverage risk to defend against potential violent shakeouts and aftershocks.