According to liquidation data from crypto derivatives platform Coinglass, the crypto market experienced a violent wave of forced closures over the past 24 hours, resulting in total liquidations of $1.76 billion. Long positions bore the brunt of the damage, with $1.457 billion in long liquidations compared to just $303 million in shorts. This near 5-to-1 ratio underscores how the recent market downturn placed immense pressure on leveraged bullish bets, with many traders unable to meet margin calls in time.
Breaking down the numbers by asset, Bitcoin futures saw $452 million in long liquidations and $112 million in shorts, while Ethereum futures recorded $409 million in long liquidations and $64.75 million in shorts. Combined, the two largest cryptocurrencies accounted for well over $940 million of the total, making up more than half of the entire liquidation volume and highlighting their outsized role in derivatives trading.
The fallout was widespread, with a total of 351,700 traders liquidated across the globe in the last 24 hours. The largest single liquidation event occurred on Binance’s BTCUSDT perpetual contract, where a position worth $13.32 million was wiped out. This massive order stands as a stark reminder of the risks inherent in leveraged crypto trading.