The crypto market whipsawed on Wednesday as top cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), quickly reversed gains from the early American session.

Within two hours, Bitcoin raced from $86,000 to above $90,000, but it faced a sharp pullback toward $85,000 almost immediately. ETH posted a similar move, rising from $2,900 to $3,100 before falling to $2,800 within a few hours.

The sharp, volatile move triggered heavy liquidations, wiping out over $400 million in leveraged positions from the global crypto futures market, according to Coinglass data. The largest liquidation order is a HYPE/USD position worth about $11.08 million on the decentralized perpetual exchange Hyperliquid.

Crypto liquidations during sharp price…