Mega Liquidation Carnage: $2.5B+ Wiped Out, Single ETH Trader Loses $220M – Is This the Bottom or More Pain Coming?
Yesterday's brutal flush (Feb 1, 2026) saw crypto futures liquidations explode past $2.5B in 24 hours, according to reports from Coinglass, Bybit, and others. Ethereum led the bloodbath with ~$961M liquidated (44% of total), Bitcoin close behind at ~$679M, and Solana at ~$168M. Long positions dominated the losses (80-85%), triggering cascading stops and pushing BTC briefly under $76K, ETH below $2,300 (now hovering around there after a 9-10% drop), and broader altcoins sliding.
Key highlights buzzing on Binance Square and across crypto chatter:
- A single leveraged ETH position on Hyperliquid got nuked for $220M+ – one of the biggest individual wipes in recent memory.
- Total market cap dipped toward $2.66T amid the sell-off, with fear sentiment spiking (Extreme Fear levels returning).
- Whale activity: Heavy buying on dips spotted after the cascade, but macro headwinds like Fed nominee uncertainty, potential US gov shutdown risks, and lingering echoes from the October flash crash are keeping pressure on.
What's your read? Capitulation buy opportunity, or expecting deeper lows (sub-$70K BTC whispers)? Share your charts and thoughts below! 📉💥🚀