# Liquidation cascade on 2026-08-23

On 2026-08-23 our detector flagged $173.00M of forced closures across 4 detected bursts. Everything below is read from the real liquidation feed, not estimated: these are closures the exchanges actually broadcast.

Source: https://bykaranteli.com/incidents/2026-08-23 · attribute to ByKaranteli and quote the timestamp.
Snapshot taken 2026-08-23T21:30:00.000Z.

This page documents what was liquidated, not why the move started. A cascade is the amplifier, rarely the trigger.

| Measure | Value |
| --- | ---: |
| Force-closed (USD) | $173.00M |
| Longs (share of total, USD) | 56%, $97.52M |
| Shorts (share of total, USD) | 44%, $75.48M |
| Bursts (30 minute windows over threshold) | 4 |

## Every burst on this day

| Window (UTC) | Total (USD) | Longs (USD) | Shorts (USD) | Coins swept | BTC move (%) |
| --- | ---: | ---: | ---: | --- | ---: |
| 04:30 to 05:30 | $73.99M | $68.04M | $5.95M | ETHUSDT, BTCUSDT, SOLUSDT | -0.97% |
| 05:00 to 05:30 | $31.81M | $26.94M | $4.87M | BTCUSDT, ETHUSDT, XRPUSDT | -0.51% |
| 13:00 to 13:30 | $33.87M | $2.39M | $31.48M | ETHUSDT, BTCUSDT, XRPUSDT | +0.31% |
| 21:00 to 21:30 | $33.33M | $149.7K | $33.18M | ETHUSDT, BTCUSDT, SOLUSDT | +0.77% |

## Which coins got swept

Forced-closure notional per symbol, summed across the day's bursts. A coin high on this list had the most leverage sitting where price went.

| Symbol | Force-closed (USD) | Share of the day (%) |
| --- | ---: | ---: |
| ETHUSDT | $72.21M | 41.7 |
| BTCUSDT | $59.28M | 34.3 |
| SOLUSDT | $7.89M | 4.6 |
| XRPUSDT | $4.58M | 2.6 |
| UNIUSDT | $2.30M | 1.3 |
| TRUMPUSDT | $1.77M | 1.0 |
| ASTERUSDT | $1.31M | 0.8 |
| DOGEUSDT | $1.21M | 0.7 |

## What price did

ETHUSDT minute closes around the day's largest burst, one hour either side. Every 5th minute below.

| Minute (UTC) | ETHUSDT close (USD) |
| --- | ---: |
| 2026-08-23 03:30 | 2410.1 |
| 2026-08-23 03:35 | 2409.99 |
| 2026-08-23 03:40 | 2409.02 |
| 2026-08-23 03:45 | 2411.36 |
| 2026-08-23 03:50 | 2412.26 |
| 2026-08-23 03:55 | 2412.35 |
| 2026-08-23 04:00 | 2413.07 |
| 2026-08-23 04:05 | 2408.57 |
| 2026-08-23 04:10 | 2408.77 |
| 2026-08-23 04:15 | 2412.53 |
| 2026-08-23 04:20 | 2405.01 |
| 2026-08-23 04:25 | 2409.33 |
| 2026-08-23 04:30 | 2408.2 |
| 2026-08-23 04:35 | 2402.22 |
| 2026-08-23 04:40 | 2406.24 |
| 2026-08-23 04:45 | 2394.33 |
| 2026-08-23 04:50 | 2382.19 |
| 2026-08-23 04:55 | 2384.46 |
| 2026-08-23 05:00 | 2380.93 |
| 2026-08-23 05:05 | 2378.16 |
| 2026-08-23 05:10 | 2373.76 |
| 2026-08-23 05:15 | 2368 |
| 2026-08-23 05:20 | 2377.65 |
| 2026-08-23 05:25 | 2384.12 |
| 2026-08-23 05:30 | 2380.24 |
| 2026-08-23 05:35 | 2381.96 |
| 2026-08-23 05:40 | 2375.28 |
| 2026-08-23 05:45 | 2376.01 |
| 2026-08-23 05:50 | 2376.01 |
| 2026-08-23 05:55 | 2375.7 |
| 2026-08-23 06:00 | 2373.08 |
| 2026-08-23 06:05 | 2374.88 |
| 2026-08-23 06:10 | 2371.7 |
| 2026-08-23 06:15 | 2382.53 |
| 2026-08-23 06:20 | 2389.53 |
| 2026-08-23 06:25 | 2387.79 |
| 2026-08-23 06:30 | 2390.47 |

## How a day gets a page

Our detector reads the real liquidation tape in 30 minute buckets and flags a bucket when its total forced closures exceed the larger of 30 million USD and six times the trailing median bucket, so the bar moves with market conditions. A day gets a page only when at least one bucket cleared that bar. Quiet days have no page, which is why this archive is short and will stay honest as it grows.

## Other cascade days

- Previous cascade: /md/incidents/2026-08-22
- Next cascade: /md/incidents/2026-08-24

## Related

- https://bykaranteli.com/incidents
- https://bykaranteli.com/liquidations
- https://bykaranteli.com/liqmap

Everything in one fetch: https://bykaranteli.com/llms-full.txt