Crypto prices plunged Friday, triggering the market’s most severe — and perhaps most consequential — wave of liquidations on record.

More than $19 billion worth of liquidations were triggered during the past day, according to Coinglass data, with $16.8 billion of that figure on the long side. The true figure “is likely much higher” owing to the way Binance, which saw significant volume during the event, reports  liquidations, Coinglass wrote on X.  

The decentralized perpetuals trading platform Hyperliquid saw a significant portion of the day’s action: $10.3 billion in liquidations, with $9.3 billion on the long side, per Coinglass.

The reaction was particularly intense in crypto markets, fueled further by the…