Market turbulence surrounding the Federal Reserve’s rate decision wiped out positions for nearly 90,000 traders, with losses distributed almost evenly between bullish and bearish bets.

While major cryptocurrencies appear flat over the past 24 hours, that calm masks sharp, two-way price swings during the Fed event that flushed leveraged futures trades and triggered widespread liquidations.

According to CoinGlass, about $286 million in positions were liquidated across 87,294 traders in the period. Long positions accounted for $186 million, while shorts made up $100 million—highlighting a market that moved forcefully in both directions before ending close to where it began.

Bitcoin saw roughly $57 million in liquidations, split almost evenly between $28 million in longs and $29 million in shorts. Prices fluctuated within a narrow $63,247 to $64,660 range, yet even that roughly 2% move was enough to trigger liquidations on both sides.

The largest single liquidation was a $2.9 million bitcoin position on Binance.

Ether recorded the highest total liquidations at around $58 million, with losses skewed toward long positions, as prices moved between $1,850 and $1,920. At the time of writing, bitcoin was trading near $63,900 and ether around $1,900—both largely unchanged on the day.

Most of the liquidations occurred during Wednesday’s Fed announcement, when erratic price action wiped out approximately $188 million in positions. Long trades alone accounted for $130 million of that figure.

Losses also extended into equity-linked perpetual futures listed on crypto exchanges. Around $19 million in SanDisk positions were liquidated, along with $10 million in Micron, $7 million in SK Hynix, and $7 million in SOXL, a leveraged semiconductor ETF. These instruments track traditional equities but trade on crypto platforms with similar leverage.

The majority of these liquidations were long positions. Micron losses were heavily skewed, roughly $9 million in longs versus $1 million in shorts, while SanDisk showed a two-to-one imbalance. Traders had been betting on continued strength in the AI memory sector but were caught off guard by a sharp selloff in chip stocks.

The timing proved unfavorable. SK Hynix dropped 17% on Wednesday despite reporting a 557% jump in profit that fell short of expectations. Meanwhile, South Korea’s Kospi index has fallen more than 40% from its June peak.

This marks the second disruption this week involving equity perpetuals on crypto platforms. Earlier, a single trade on a thin Korean pre-market venue sent Trade.xyz’s SK Hynix contract down 19%, triggering $60 million in liquidations—losses the exchange has since agreed to reimburse.