The source states that $600 million was liquidated across the crypto market in the past hour, highlighting a rapid wave of forced position closures.
The crypto market recorded $600 million in liquidations over a 60-minute period, according to the provided source. In crypto derivatives markets, liquidations typically occur when leveraged positions are forcibly closed after traders can no longer meet margin requirements. A move of this size within one hour points to unusually sharp volatility and fast risk reduction across trading venues, though the source does not specify which assets, exchanges, or whether long or short positions were most affected.