According to data from Coinglass, total liquidations across the cryptocurrency market surged to $1.105 billion in the past 24 hours, impacting 196,868 traders.
Long positions accounted for $891 million of the total, representing approximately 80.6% of all forced closures, while short positions made up $215 million. This indicates a heavy bias toward bullish bets being wiped out.
The single largest liquidation order took place on HTX's BTC-USDT trading pair, with a staggering $59.67 million worth of positions automatically closed. The event pushed the 24-hour liquidation tally above the $1.1 billion mark.
Such a wave of liquidations, amid crypto market fluctuations, serves as a reminder of the high risks associated with leveraged trading. Traders are advised to exercise caution and manage their positions prudently.