Nearly $1 billion liquidated in 24 hours as crypto sells off

Longs Bear the Brunt of a Brutal Flush

Almost $995 million in crypto derivatives positions were forcibly closed over 24 hours, according to CoinGlass data. The sweep hit 138,452 traders and underscored just how heavily leveraged the market had become heading into the selloff.

Leveraged bulls absorbed the majority of the damage. Of the $994.62M total, $704 million came from long positions, while short liquidations accounted for the remaining $290 million. The lopsided breakdown points to a market that had positioned aggressively for further upside before the move lower forced a rapid unwind.

Liquidations of this scale exert significant short-term pressure on prices by creating forced selling. When a wave hits, exchanges automatically close leveraged positions, adding sudden selling volume that can drive prices lower and trigger further liquidations in a feedback loop.

Bitcoin and Ethereum Lead the Damage

$BTC led all assets with $478 million in liquidations, followed by $ETH at $225 million. The two largest cryptocurrencies by market cap accounted for the bulk of the losses, reflecting their dominance in the derivatives market.

The single largest forced exit of the period was a $38 million $BTC position on Hyperliquid. The decentralized perpetuals platform has increasingly become a venue for large-scale leveraged trades, making its liquidation data a closely watched signal across the industry.

The episode serves as a reminder of how quickly overleveraged markets can unwind. With longs outpacing shorts by more than two to one, the positioning ahead of the selloff left little room for error when price action turned.

Sources:
CoinGlass: Real-Time Crypto Liquidation Data
Crypto Briefing: 24-hour crypto liquidations reach $967M as leveraged longs get wiped out