Over the past 24 hours, liquidations across the crypto market reached $854 million, with long liquidations accounting for more than 90%, indicating that deleveraging pressure was clearly concentrated on the long side. A separate monthly statistic showed that stablecoin supply fell by $17 billion, the largest decline since 2022. At the institutional and project level, the Ethereum Foundation sold 7,500 ETH within four days and cashed out about $14.52 million in USDS; BitMine's unrealized loss on its Ethereum holdings widened to about $9.7 billion, with a loss ratio of nearly 48%; Kava suspended withdrawals on the Axelar cross-chain bridge, and the KAVA token fell more than 46% in 24 hours. These events correspond to different statistical periods and risk types, but jointly reflect pressure signals in the current crypto market across multiple dimensions, including leveraged funds, stablecoin liquidity, institutional ETH holdings, and security incidents.
It should be noted that the 24-hour liquidation data and the monthly change in stablecoin supply are not based on the same time frame. Disclosed information shows that the liquidation statistics cover the scale and direction of market-wide deleveraging and include liquidation data for major assets such as BTC and ETH; the $17 billion monthly decline in stablecoin supply reflects capital outflows and reduced purchasing power at the stock level. Therefore, the two data points should not be combined as if they occurred "in the same period" or "simultaneously," but they can serve as two parallel clues for observing the market's funding conditions.
In terms of liquidation structure, long liquidations accounted for more than 90% of the $854 million total, indicating that forced closes were concentrated on the long side. Available information does not further disclose the specific liquidation amounts by coin, but BTC and ETH are included in the market-wide liquidation statistics. On stablecoin supply, the $17 billion monthly decline was the largest since 2022 and is directly linked to capital outflows and reduced purchasing power, with a significant impact on market liquidity. The two data points are included in the same review to present the coexistence of leveraged-fund clearing and contraction in the stablecoin liquidity pool, rather than to conclude that the two were perfectly synchronized in timing. Disclosed information also groups this liquidation data with multiple reports of prices breaking below certain levels as part of the same market correction event, indicating that deleveraging occurred against the backdrop of a price adjustment.
On institutional fund flows, the Ethereum Foundation sold 7,500 ETH within four days and cashed out about $14.52 million in USDS. This information indicates that the Ethereum Foundation has recently been continuously reducing its ETH holdings and converting them into stablecoins, representing an important institutional fund flow. In the same asset direction, BitMine's unrealized loss on its Ethereum holdings widened to about $9.7 billion, with a loss ratio of nearly 48%. As a large ETH treasury institution, BitMine's huge unrealized loss reflects market attention to institutional holdings and leverage risks. Both pieces of information center on ETH, but they respectively involve institutional selling and unrealized holding losses; they should not be combined as the same cause, but together they can illustrate changes in ETH-related risk exposure.
On security incidents, Kava has suspended withdrawals on the Axelar cross-chain bridge, and the KAVA token fell more than 46% in 24 hours. The incident has been disclosed as a security event combined with a cross-chain bridge suspension and a sharp token decline, serving as a security warning signal in the current market. Related information also mentions overlapping reports such as abnormal Kava minting and exchanges suspending deposits and withdrawals, but available material does not further disclose specific details, so excessive inference about the cause and scope of impact should be avoided. What can be confirmed is that the KAVA token has seen a significant short-term decline, and the suspension of cross-chain bridge withdrawals constitutes a clear and verifiable fact.
From a transmission-logic perspective, long liquidations accounting for more than 90% means that this round of forced closes mainly came from long positions, and the direction of leverage clearing is relatively clear. The decline in stablecoin supply reflects changes in incremental capital and on-market purchasing power; the $17 billion monthly drop shows that capital outflow pressure has already appeared at the stablecoin stock level. Together, the two indicate that leveraged-position clearing and contraction in stablecoin purchasing power may simultaneously affect market funding conditions, but the specific transmission path still requires more data verification. Available information is insufficient to confirm the specific liquidation distribution across major assets, the currency composition of the stablecoin decline, or the specific sources of capital outflows, so excessive attribution to a single asset or channel should be avoided.
In summary, currently confirmable facts include: market-wide 24-hour liquidations totaled $854 million, with longs accounting for more than 90%; liquidation statistics cover the entire market and include BTC and ETH data; stablecoin supply fell by $17 billion in a month, the largest decline since 2022; the Ethereum Foundation sold 7,500 ETH within four days and cashed out about $14.52 million in USDS; BitMine's unrealized loss on Ethereum holdings was about $9.7 billion, with a loss ratio of nearly 48%; Kava suspended withdrawals on the Axelar cross-chain bridge, and the KAVA token fell more than 46% in 24 hours. The above information all points to multiple changes in the market's funding conditions and risk events, but no single data point should be extrapolated as the cause of all market changes.
Items worth watching going forward include: whether market-wide liquidation volumes continue to expand, whether the share of long liquidations changes, and the specific performance of major assets such as BTC and ETH in liquidation data; whether the monthly decline in stablecoin supply continues, and whether supply contraction is accompanied by easing or intensifying capital outflow pressure; whether the Ethereum Foundation continues to reduce its ETH holdings, and whether BitMine's unrealized loss on ETH holdings further widens; progress in restoring Kava cross-chain bridge withdrawals and whether KAVA token volatility continues. These indicators will help observers monitor whether deleveraging pressure, institutional risks, and security incidents are still developing, but they do not constitute any investment advice.