Crypto liquidations top $628 million in an hour as Binance hack fears sink Bitcoin

Crypto liquidations reached $627.7 million in a single hour late Thursday, with $606.6 million on bets that prices would rise. Bitcoin fell below $79,000 and Ethereum under $2,240 as traders reacted to an unexplained $2 billion outflow from Binance hot wallets. Coinglass logged $189.1 million in Bitcoin positions and $156.8 million in ETH positions wiped out, with Binance carrying $344.8 million of the total liquidations. Over 24 hours, 161,647 traders were liquidated for $951.2 million, two-thirds of which occurred in the final hour.