The crypto market witnessed volatility over the past 24 hours, with over $264.94 million in total liquidations

Notably, 119,551 traders were liquidated in the period. A Binance trader recorded the largest single liquidation order, with a $12.46 million hit on its BTCUSDT pair

Over $264.94 million was liquidated from traders' over-leveraged crypto positions over the past 24 hours as the market saw volatile trading, according to Coinglass data.

At least 119,551 traders were liquidated in total, and the largest single liquidation order was for a Binance trader who got hit with $12.46 million on the BTCUSDT pair.

Bitcoin led the way with $82.49 million in liquidations, followed by Ethereum, Solana, and Dogecoin.

Short Sellers Hit Hardest by Sudden Price Jumps

Interestingly, traders who were betting against the market (short sellers) took the biggest hit this time. Around $179.25 million of the liquidated positions were shorts. That’s more than double the $86 million liquidated from long positions.

This suggests that sudden upward price movements caught many bearish speculators off guard. For context, Bitcoin surged past $95,000 yesterday after initially trading below $93,600. It has now surged by 0.93% in the past day. This volatility contributed to liquidation in shorts.

Which Exchanges Saw the Most Liquidations?

In terms of platform-specific data, Binance remained at the center of liquidation activity. The exchange saw $5.57 million in total liquidations, reflecting its dominant position in global crypto trading.

Bybit followed closely with $4.69 million in wiped-out positions, while OKX recorded $2.27 million. Other exchanges, including Gate.io and HTX, experienced smaller but notable liquidation volumes.

The liquidation spike reflects a broader sense of unease among leveraged traders as the bull run is back, with bearish traders facing the heat.

Money Moves: USDT Flows In, Bitcoin Flows Out of Exchanges

While leveraged traders felt the pain, centralized exchanges experienced a significant inflow of fresh capital. According to Coinglass data, Tether (USDT) led the charge with $553 million in net inflows over the past 24 hours.

Ethereum also posted healthy figures, recording $89 million in net inflows while Bitcoin saw $235 million in net outflows, the highest among all tracked assets. USD Coin (USDC) followed with $129 million in outflows, and Dogecoin registered $18.23 million, leaving exchanges.

The movement of stablecoins like USDT into exchanges is traditionally interpreted as a sign that traders are preparing to re-enter the market. These inflows often precede increased buying activity.

On the other hand, the significant outflow of Bitcoin suggests that investors are increasingly moving their assets into self-custody solutions. This behavior is typically associated with a longer-term bullish outlook.

Trump Token Hype Continues

Meanwhile, the surge in Trump token inflow could be attributed to President Donald Trump’s dinner, where the organizers announced an exclusive dinner event to be held in May at the Trump National Golf Club in Washington, DC. The dinner is open to the top 220 TRUMP token holders, with special benefits reserved for the top 25. The qualification period runs from April 24 to May 12, fueling a buying rush among investors.

Among the top token holders are TRON founder Justin Sun and Union Chain founder Jianping Mao. Sun's wallet currently holds 1,176,803,002 TRUMP tokens, which are valued at around $14.32 million.