$1.5B Crypto Liquidation Hits Traders as Ether and Dogecoin Lead Losses
22 September 2025

More than 400,000 traders were liquidated on Monday as leveraged long positions in Ether, Dogecoin, XRP, and other major cryptocurrencies fueled one of the largest sell-offs in months.

Key Market Moves

• Ether (ETH) dropped as much as 9% to $4,075, with nearly $500 million in leveraged long positions liquidated. ETH ended the 24-hour period down 6%.
• Bitcoin (BTC) fell nearly 3% to $111,998 before partially recovering.
• Dogecoin (DOGE) led losses among major tokens, plunging over 10%, while Solana (SOL), Cardano (ADA), BNB (BNB), and Tron (TRX) each fell at least 5%.

Liquidation Insights
Data from Coinglass shows over 407,000 traders liquidated in 24 hours—the highest in recent months. Liquidations occur when leveraged positions exceed margin limits, often triggering cascade effects and sharp price swings.

Traders monitor liquidation trends to gauge market sentiment. Large long liquidations may indicate panic selling, whereas short liquidations can precede squeezes. Combined with open interest and funding rate data, these metrics highlight overcrowded trades and potential reversal points in volatile markets.

Macro Context
The sell-off comes amid continued macro uncertainty despite the Federal Reserve’s recent interest-rate cut.

“The market’s trajectory depends heavily on upcoming economic data and Fed signals,” said Nassar Achkar, chief strategy officer at CoinW. “Bitcoin’s dominance may persist, potentially capping gains for Ethereum and the broader DeFi sector, despite their higher yield opportunities.”

Investors are also watching U.S. PMI data and jobless claims later this week. Powell’s Tuesday speech could influence risk appetite—dovish remarks may ease pressure on altcoins, while cautious signals could reinforce defensive positioning in derivatives markets.