A late-Thursday slide in crypto hit ether traders hardest, with about $356 million in ether liquidations over 24 hours. Bitcoin positions saw $298 million, even though bitcoin’s market value is more than five times ether’s.

A liquidation happens when a trader borrows to make a bigger bet and losses eat through the collateral they put up, so the exchange closes the position automatically, often selling into an already falling market and pushing prices lower for the next trader in line.

Across the market, $1.19 billion was liquidated over 24 hours, and over $1 billion of it came from longs, or traders betting on higher prices. The largest single wipeout was a nearly $20 million ether position on Hyperliquid, a decentralized exchange for leveraged trading.

Its liquidations work out to roughly $1.2 million for every $1 billion of market value, compared with about $180,000 for bitcoin. Ether fell more than 3% to about $2,490, while bitcoin lost about 1%.

SOL bets accounted for another $71 million, XRP for $34 million and NEAR for $25 million, with every other token combined adding about $119 million.

Bitcoin slid from about $83,200 to as low as roughly $80,400 late Thursday after Fed minutes showed most officials expected another rate hike before year-end and a report that the Pentagon was preparing for renewed combat in Iran pushed oil higher.

Ethereum researcher Justin Drake’s warning that AI could break the math securing crypto wallets sooner than expected added to the nerves. Traders had been piling on leverage all week as bitcoin bounced between $83,000 and $87,000, leaving plenty of positions to knock over once the range broke.

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