ETH Price Crash Sparks DeFi Liquidation Frenzy: $959M Wiped Out in 24 Hours
In late May 2026, the crypto market experienced significant volatility, functioning as a real-world stress test. Over a 24-hour period, nearly $959 million in leveraged crypto positions were closed by exchanges – known as liquidations – with about $897 million of those being bets that the price of Ether would increase (known as ‘longs’). This happened when Ether’s price briefly dropped below $2,000, coinciding with a record $32.6 billion in open Ether futures contracts. A week prior, the market had already absorbed around $563 million in liquidations in a single day, with roughly $244 million related to Ether longs.


