Data from Coinglass shows that total liquidations in the cryptocurrency market over the past 24 hours reached $1.76 billion. Long positions accounted for $1.457 billion of that total, or 82.8%, while short positions accounted for $303 million. The significant imbalance indicates that leveraged long traders were hit hard by the recent price movements.
Breaking down by asset, Bitcoin longs saw $452 million liquidated, with shorts at $112 million. Ethereum longs experienced $409 million in liquidations, while shorts lost $64.7453 million. Together, Bitcoin and Ethereum liquidations exceeded $1 billion, showcasing the broad impact on major derivatives markets. Additionally, 351,700 traders globally were liquidated in the last 24 hours, and the largest single liquidation order occurred on Binance's BTCUSDT pair, valued at $13.3164 million.
Coinglass, a well-known derivatives data platform, tracks liquidations across exchanges, providing insights into market leverage and risk. The high volume of long liquidations suggests that many traders were over-leveraged on the upside, which can amplify market moves in volatile conditions.