According to Coinglass data, the cryptocurrency market witnessed a massive liquidation event over the past 24 hours, with total liquidations reaching $129 million. Long positions accounted for $92.5986 million of this figure, while short positions totaled $35.9452 million, representing a long-to-short ratio of approximately 72% long. This imbalance indicates that long traders faced significant pressure amid market declines.
Bitcoin and Ethereum Liquidation Breakdown
Bitcoin saw $26.7533 million in long liquidations and $5.5311 million in short liquidations, totaling ~$32.2844 million. Ethereum experienced $26.863 million in long liquidations and $6.432 million in short liquidations, totaling ~$33.295 million. Combined, BTC and ETH contributed over $65 million in liquidations, accounting for roughly 51% of the entire market's total. This highlights the central role of major assets in driving the overall liquidation wave.
Largest Single Liquidation and Affected Traders
Over the 24-hour period, 60,302 traders were liquidated globally. The largest single liquidation order occurred on Bybit's BTCUSDT perpetual contract, valued at $2.0826 million. Such a large-scale liquidation typically results from highly leveraged positions being forcibly closed during sharp price drops. Bybit, a major derivatives exchange, reflects the risk exposure of both retail and professional traders.
Market Implications
The data suggests that short-term market sentiment remains bearish, with price declines triggering cascading liquidations. Although shorts also faced losses, their magnitude was far smaller, indicating that bearish momentum currently prevails. Traders are advised to manage leverage carefully, especially in periods of elevated volatility where minor pullbacks can lead to significant forced closures. The next focus will be on whether Bitcoin and Ethereum can hold key support levels.