Cryptocurrency Market Experiences $766 Million in Liquidations Over 24 Hours

By: crypto insight|2026/01/27 00:00:11

Key Takeaways

The last 24 hours saw global crypto liquidations reaching $766 million, with long positions counting for $601 million and short positions for $165 million.
Bitcoin liquidations accounted for $178 million in long positions and $48.01 million in short positions.
Ethereum saw $205 million in long liquidations and $66.53 million in shorts.
A significant single liquidation occurred on Hyperliquid’s ETH-USD pair, valued at $38.81 million.

WEEX Crypto News, 26 January 2026

Large-Scale Liquidations in the Cryptocurrency Market

The cryptocurrency markets have been experiencing increased volatility, as evidenced by the recent data showing a staggering $766 million in liquidations over the past 24 hours. Contributing to this total, long positions were liquidated to the tune of $601 million, while short positions saw $165 million in liquidations. This upheaval reflects the intense volatility that digital asset traders are currently navigating.

Bitcoin and Ethereum Lead Liquidations

The majority of these market liquidations involved Bitcoin and Ethereum, two of the leading cryptocurrencies by market capitalization. For Bitcoin, long positions saw liquidations amounting to $178 million, with short positions facing $48.01 million in liquidations. This illustrates Bitcoin’s significant role in the aggregate liquidations.

Ethereum also experienced a substantial proportion of these liquidations. Long positions in Ethereum encountered $205 million in liquidations, whereas short positions saw $66.53 million in liquidations. These figures underscore Ethereum’s key position within the market and its sensitivity to trading dynamics and broader market conditions.

Notable Liquidation Events

Apart from the general market data, a particularly noteworthy liquidation event involved a singular massive position on Hyperliquid’s ETH-USD trading pair. This position, which was valued at $38.81 million, was the largest single liquidation recorded within this reporting period. Such events often highlight the precarious nature of trading on high leverage and the implications of sharp market movements.

The Context and Implications

The recent wave of liquidations highlights the heightened volatility and risk associated with investing and trading in cryptocurrencies. Liquidations typically occur when traders with leveraged positions are unable to meet the margin requirements, prompting automated sell-offs of their positions to cover losses. This risk is ever-present in highly volatile markets, where prices can shift dramatically in short timeframes.

Liquidations of this magnitude also illustrate broader market dynamics and sentiment. The high volume of long positions being liquidated indicates a potential shift in market confidence, possibly driven by recent price declines or other macroeconomic factors. Conversely, the liquidation of short positions demonstrates market participants’ bets on further price declines that did not materialize as expected.

Strategic Considerations for Traders

Given the current market conditions, traders and investors should remain vigilant and consider adopting more conservative leverage strategies. The scale of recent liquidations emphasizes the potential risks of over-leveraging, which can drastically amplify both gains and losses.

Traders might also benefit from employing risk management tools such as stop-loss and take-profit orders to protect against unexpected market shifts. Additionally, ensuring a diversified portfolio can aid in mitigating exposure to any single asset’s volatility.

The Role of Platforms in Managing Risks

Cryptocurrency trading platforms have a crucial role in managing risks associated with leverage. Platforms can help mitigate liquidation risks through real-time margin and risk management systems, which alert traders when their positions approach critical thresholds.

WEEX, for example, provides a comprehensive suite of risk management tools and trading options that cater to both novice traders and seasoned investors. By utilizing these tools, traders can better navigate the complexities of volatile markets. Join WEEX today to enhance your trading experience with advanced risk management and intuitive trading features: [WEEX Sign-Up](https://www.weex.com/register?vipCode=vrmi).

-- Price

FAQs

What caused the recent spike in cryptocurrency liquidations?

The spike in liquidations can generally be attributed to increased market volatility and traders’ use of leverage, creating positions that were unsustainable as prices rapidly changed.

How does leverage impact cryptocurrency trading?

Leverage allows traders to increase their exposure to the market using borrowed funds, which can amplify both gains and losses. High leverage levels can lead to significant risks, particularly in volatile markets.

Why are Bitcoin and Ethereum often at the center of large liquidation events?

Bitcoin and Ethereum are dominant in terms of market capitalization and volume, so they naturally attract significant trading activity. This makes them more sensitive to market volatility, leading to higher liquidation occurrences.

What can traders do to minimize their risks in volatile markets?

Traders can minimize risks by managing leverage carefully, using risk management tools like stop-loss orders, maintaining a diversified portfolio, and staying informed about market conditions.

How do trading platforms like WEEX assist in managing trading risks?

Trading platforms manage risks by providing real-time monitoring of margin requirements, user alerts for position risks, and offering risk management tools to mitigate potential losses in volatile markets.

On March 16, 2026, in Dallas, Texas, USA, CanGu Company (New York Stock Exchange code: CANG, hereinafter referred to as "CanGu" or the "Company") today announced its unaudited financial performance for the fourth quarter and full year ended December 31, 2025. As a btc-42">bitcoin mining enterprise relying on a globally operated layout and dedicated to building an integrated energy and AI computing power platform, CanGu is actively advancing its business transformation and infrastructure development.

2025 Full Year and Fourth Quarter Financial and Operational Highlights

• Financial Performance:

Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.

Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.

Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.

• Mining Operations and Costs:

A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.

The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;

The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.

As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.

• Strategic Progress:

The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.

CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."

"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."

The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."

Fourth Quarter 2025 Ongoing Operations Financial Performance

Revenue

The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.

Operating Costs and Expenses

The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.

This includes:

· Cost of Revenue (excluding depreciation): $1.553 billion

· Cost of Revenue (depreciation): $38.1 million

· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)

· Mining Machine Impairment Loss: $81.4 million

· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million

Profit Situation

The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.

The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.

The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.

Full Year 2025 Ongoing Operations Financial Performance

Revenue

The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.

Operating Costs and Expenses

The total annual operating costs and expenses amount to $1.1 billion.

Specifically, they include:

· Revenue Cost (excluding depreciation): $543.3 million

· Revenue Cost (depreciation): $116.6 million

· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)

· Miner Impairment Loss: $338.3 million

· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million

Profitability

The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.

The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.

Financial Position

As of December 31, 2025, the company's key assets and liabilities are as follows:

· Cash and Cash Equivalents: $41.2 million

· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million

· Miner Net Value: $248.7 million

· Long-Term Debt (related party): $557.6 million

In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.

Stock Repurchase

As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.

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