According to @lookonchain, a significant market downturn triggered over $1.15 billion in liquidations across major exchanges, primarily impacting bullish traders. Data from Coinglass reportedly showed over 247,000 traders were liquidated in a 24-hour span, with long positions accounting for over $1 billion of the total losses. The single largest liquidation was a $200 million Bitcoin (BTC) long position on the Binance exchange. This market volatility also caught individual traders, such as one on the decentralized exchange HyperLiquid who turned a $10 million unrealized profit into a $2.5 million realized loss on a BTC long position. The cascade of liquidations occurred as Bitcoin fell from a high of $108,800 to around $104,000, and Ether (ETH) dropped 8% to $2,530, highlighting the extreme risks of using leverage in a range-bound market.

According to WallStreetBulls, Robinhood is launching a derivatives exchange in partnership with Bitstamp, utilizing the XRP Ledger (XRPL). This development is expected to enhance trading capabilities and liquidity flow through XRPL, potentially impacting XRP's market dynamics.