A late-Thursday slide in crypto hit ether traders hardest, with about $356 million in ether liquidations over 24 hours. Bitcoin positions saw $298 million, even though bitcoin’s market value is more than five times ether’s.

A liquidation happens when a trader borrows to make a bigger bet and losses eat through the collateral they put up, so the exchange closes the position automatically, often selling into an already falling market and pushing prices lower for the next trader in line.

Across the market, $1.19 billion was liquidated over 24 hours, and over $1 billion of it came from longs, or traders betting on higher prices. The largest single wipeout was a nearly $20 million ether position on Hyperliquid, a decentralized exchange for…