According to data from Coinglass, the crypto derivatives market witnessed a wave of forced liquidations over the past hour, with the total liquidation amount across all exchanges reaching $190 million. Long positions bore the brunt of the cascade, accounting for $182 million of the total, while short liquidations stood at just $8.19 million. This indicates that prices moved sharply against leveraged longs in a short time frame.
By asset, Ethereum (ETH) saw the highest liquidation volume at $84.35 million, significantly outpacing Bitcoin (BTC), which registered $44.1 million in liquidated positions. The outsized liquidation on ETH suggests that leveraged positions in ether were more vulnerable to the sudden market movement. Large-scale long liquidations typically occur during rapid price declines, when the margin ratio of leveraged positions falls below the maintenance threshold, triggering forced closures that can amplify downward price pressures.