Crypto liquidations hit $608 million as Ether longs unwind, with a $26.64 million hit on Binance

Roughly $608 million in leveraged crypto positions were forcibly closed on October 7, 2026, and Ether bulls absorbed most of the damage. The biggest single loss was a $26.64 million position on Binance’s ETHUSDC pair. The details of the wipeout Broader tallies for the 24-hour window put the total at approximately $608 to $609 million. Data aggregator Coinglass, which pulls figures from multiple exchanges, provided the real-time picture of the cascade. The split between bulls and bears was lopsided. Long positions accounted for roughly $545 million of the total, while shorts made up about $64 million. The pain was spread across a wide group of traders. An estimated 105,660 to 106,952 accounts were liquidated during the event. Most of the activity happened in perpetual futures markets on Binance, Bybit, and OKX. How a liquidation cascade works In crypto derivatives, traders post a slice of collateral to control a much larger position. If the price moves against them far enough, the exchange closes the position automatically to stop losses from exceeding the collateral. That forced closing is a liquidation. When many traders hold similar positions, one liquidation can push the price f...