According to data from Coinglass, the cryptocurrency market witnessed a sharp wave of forced closures in the past 24 hours, with total liquidations reaching $1.512 billion. Long liquidations amounted to $1.239 billion, representing approximately 82% of the total, while short liquidations stood at $273 million. This data highlights how a rapid market downturn triggered mass liquidations of leveraged long positions.
Breaking down by major assets, Bitcoin's total liquidations reached $470 million, comprising $370 million in longs and $100 million in shorts. Ethereum saw approximately $418 million in total liquidations, with $364 million from long positions and $54.31 million from shorts. In both cases, long liquidations far exceeded short ones, indicating that bullish leveraged traders absorbed the majority of the pain during the correction.
The scale of the event was also reflected in the number of affected traders: 306,755 users were liquidated globally. The largest single liquidation order occurred on Binance's BTCUSDT pair, valued at $13.3164 million, marking the highest individual wipeout in the past day.