Over the past 24 hours, cryptocurrency derivatives markets experienced heavy liquidations totaling $1.717 billion, according to Coinglass. Long positions were hit hardest, with $1.411 billion in liquidations, representing 82.2% of the sum. Short liquidations amounted to $305 million. This suggests a wave of forced selling on leveraged long trades as prices fell.
Bitcoin accounted for the largest share: $795 million in liquidations, consisting of $626 million in longs and $169 million in shorts. Ethereum followed with $380 million ($313M longs, $67.28M shorts). Together, the two largest cryptocurrencies accounted for $1.175 billion, or nearly 70% of the total, highlighting their pivotal role in derivatives trading.
The event affected 285,997 traders worldwide. The biggest individual liquidation was a $16.1984 million position on Hyperliquid's BTC-USD pair, a reminder of the risks inherent in highly leveraged crypto trades.