The cryptocurrency market experienced substantial liquidation events over recent days, with over $840 million liquidated in a 24-hour period as of August 25, 2025, impacting more than 166,000 traders. Bitcoin and Ethereum longs accounted for approximately $500 million of these liquidations, coinciding with Bitcoin's price falling to around $109,000 and Ethereum to $4,300. Within shorter time frames, liquidations of $300 million occurred in one hour and $250 million within 30 minutes amid sharp price drops. A notable incident involved a whale or group of whales manipulating the price of the token XPL on the Hyperliquid exchange. By taking large long positions and aggressively buying XPL, the whales triggered a short squeeze that caused the token's price to surge over 200% to $1.80, resulting in liquidations exceeding $159 million and net profits of approximately $48 million for the whales. This manipulation led to significant losses for some traders, including individual losses of $2 million and $4.59 million on short positions. The whale activity involved multiple wallets and substantial USDC deposits, with cumulative profits from this event estimated at over $46 million. Despite the volatility and losses, the whale(s) continued to open new long positions on XPL. Additionally, over 200,000 traders were liquidated in a 24-hour span with total losses surpassing $935 million as of August 26, 2025. More recent data indicates continued high volatility, with $128 million in long positions liquidated over four hours on August 29, 2025. These events underscore ongoing market turbulence and the impact of leveraged trading and whale activity on cryptocurrency prices and trader positions.