According to data from Coinglass, the cryptocurrency market experienced a wave of large-scale liquidations over the past 24 hours. The total liquidation amount across the network reached $1.195 billion, with long positions accounting for $915 million (76.6%) and short positions $279 million. A total of 252,714 traders were forcibly closed out.
Breaking down by asset, Bitcoin long liquidations hit $239 million versus $125 million for shorts; Ethereum long liquidations reached $245 million while shorts were $46.8571 million, making long liquidations roughly 5.2 times that of shorts. Combined long liquidations for BTC and ETH totaled $484 million, representing 52.9% of all network long liquidations, underscoring the dominant role these two assets played in the liquidation event.
The largest single liquidation order occurred on Binance's BTCUSDT perpetual contract, valued at $13.3164 million, marking the biggest individual liquidation of the past 24 hours. This event, taking place on a major exchange, highlights the significant liquidation pressure that large platforms face during periods of market volatility.