- Leverage got flushed. Crypto liquidations reached $1.53 billion over 24 hours, with long positions accounting for about $1.29 billion, or 83.8% of the total, according to CoinGlass.
- Bitcoin and ether slid. Bitcoin fell as low as about $76,460 before recovering toward $78,500, while ether traded around $2,240 after dipping below $2,200; bitcoin liquidations totaled about $499 million and ether about $358 million.
- Binance carried the biggest share. The exchange recorded $754.6 million of forced closures, or 49.2% of the market-wide total, followed by Hyperliquid at $251.4 million and Bybit at $186.5 million.
- Standard Chartered expects more downside. Geoffrey Kendrick said crypto prices could stay under pressure until more details about the breach emerge and frozen assets are released.
What Happened?
The selloff followed Binance’s disclosure of a security breach it estimates affected about $6.3 billion in assets, and Polymarket separately suspended international trading after hackers drained more than $2.6 million from user accounts. BNB and other major tokens such as XRP and solana fell alongside bitcoin, with SOL liquidations reaching $82.6 million and XRP $38.1 million. As prices bounced, the rebound began catching traders betting on further declines.
Why It Matters?
Kendrick argued the hack of the largest centralized exchange could speed a shift toward decentralized trading venues. He said investors should eventually “re-engage with Uniswap,” which he said has never had any exploits, and kept his $100 price target for UNI for 2030. Hyperliquid’s HYPE was the notable gainer, up about 15% after ICE announced a partnership with Trade.xyz to bring Hyperliquid-powered perpetual futures to the US market, pending regulatory approval.
What’s Next?
Traders will watch whether Binance resumes withdrawals within its 48-hour target and whether stablecoin issuers release frozen funds, two factors Standard Chartered tied to a market bottom. Any movement of the stolen bitcoin, which CoinDesk found had not moved as of early Friday, could add fresh selling pressure.
Affected Tickers and Coins: BTC, ETH, BNB, SOL, XRP, UNI, HYPE
