Ether Hit Six Times Harder Than Bitcoin in $1 Billion Sell-Off
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- Posisi long ether mengalami likuidasi sekitar $356 juta dalam 24 jam, jauh melampaui bitcoin meski kapitalisasi pasarnya hanya seperlima.
- Tekanan jual dipicu ekspektasi kenaikan suku bunga The Fed dan ketegangan geopolitik AS-Iran, memicu likuidasi berantai di pasar derivatif.
- Pemulihan harga bitcoin memicu squeeze posisi short, namun risiko koreksi lanjutan masih membayangi menjelang peringatan setahun likuidasi rekor 2025.
The crypto market was rocked by a liquidation wave totaling $1.19 billion over the past 24 hours, with ether the worst hit. Market data shows about $356 million in ether positions were forcibly closed, while bitcoin—whose market value is more than five times that of ether—saw only about $298 million in liquidations. Measured relative to market size, the damage to ether was six times that of bitcoin.
Liquidations occur when traders borrow funds to magnify positions, then losses erode their collateral so exchanges automatically close the positions. This process often sells assets into a falling market, accelerating the price decline for the next trader. The selling pressure was compounded by leverage that built up through the week, as bitcoin moved in a narrow $83,000–$87,000 range before finally breaking down.
The main trigger for the sell-off was the minutes of The Federal Reserve meeting showing a majority of officials expect additional interest rate hikes before the end of the year. Sentiment was worsened by a report that the Pentagon is preparing for a new conflict with Iran, which pushed oil prices higher. On top of that, a warning from Ethereum researcher Justin Drake that artificial intelligence could crack the mathematics securing crypto wallets sooner than expected added to market participants' unease.
"Derivatives markets are highly sensitive to shifts in interest rate expectations and geopolitical risk. The combination of the two created a perfect storm for leveraged positions," said a crypto market analyst who declined to be named.
The liquidation impact was uneven. Besides ether, Solana (SOL) positions accounted for $71 million, XRP $34 million, and NEAR $25 million. Meanwhile, all other tokens combined added only about $119 million. The data shows traders tend to place leverage more aggressively on ether and altcoins, so the risk of cascading liquidations is greater.
Interestingly, after US President Donald Trump said he would not attack Iran before the midterms, bitcoin managed to rebound to around $82,200. The recovery triggered a squeeze on short positions—about 78% of the $25 million in liquidations over the past four hours came from traders betting on further declines. In the last hour alone, short positions accounted for nearly $12 million of the $13 million in total liquidations.
For Indonesian investors, this dynamic is a reminder of the importance of risk management, especially when using leverage on global crypto exchanges. The Financial Services Authority (OJK) and Bappebti continue to remind that crypto assets are highly volatile and uninsured. Although the domestic crypto market is still relatively small, major sell-offs on international exchanges can affect local sentiment, especially for retail traders active on overseas platforms.
The event came a day before the one-year anniversary of the record liquidation on October 10, 2025, when $19 billion was wiped out in a single day—about 16 times last Thursday's total. Bitcoin is now about $800 below the $83,000 level, the starting point of Thursday's selling. The question is whether the market can absorb the next shock, or whether it is heading toward a deeper correction.
