A selloff across bitcoin, ether and XRP wiped out roughly $1.5 billion in leveraged crypto positions, according to CoinDesk. Long bets accounted for nearly 84% of the forced liquidations, showing that traders positioned for higher prices took the bulk of the damage during the move lower. Binance handled almost half of the total liquidation volume cited in the report. After the initial decline, the market began to rebound, a shift that started to catch short sellers on the wrong side as prices recovered. The move highlights how quickly positioning can unwind in crypto derivatives when major tokens swing sharply in either direction.
A selloff in bitcoin, ether and XRP erased about $1.5 billion in leveraged crypto bets through forced liquidations.
According to CoinDesk, positions betting on higher prices made up nearly 84% of the total liquidations, with Binance handling almost half of the overall amount.
A rebound has since started, and that recovery is now catching short sellers.
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