According to data from the crypto derivatives platform Coinglass, total liquidations across the network reached $1.76 billion in the past 24 hours, with long liquidations hitting $1.457 billion and short liquidations at $303 million. Liquidation refers to the forced closure of leveraged positions when margin requirements are not met — a key risk-control mechanism in derivatives trading.
Among major assets, Bitcoin long positions suffered $452 million in liquidations, while short positions accounted for $112 million. Ethereum longs saw $409 million in liquidations, compared to just $64.75 million for shorts. These two dominant cryptocurrencies together made up the bulk of the wipeout. Over the same period, 351,700 traders globally faced liquidation, with the largest single order — a $13.3164 million position — occurring on the Binance BTCUSDT pair.
The share of long liquidations stood at roughly 82.8% of the total, indicating that overwhelmingly bullish positioning was caught off-guard as prices reversed sharply. The scale of the event underscores the extreme volatility and high-leverage risks embedded in crypto derivatives markets.