24-Hour Liquidation Overview
According to Coinglass data, the global cryptocurrency market recorded total liquidations of $315 million over the past 24 hours, with long positions bearing the brunt of the losses. Long liquidations amounted to $218 million, representing 69.2% of the total, while short liquidations totaled $97.38 million (30.8%). The skewed ratio indicates that leveraged bullish bets were disproportionately hit as prices declined, triggering a cascade of forced closures.
Bitcoin and Ethereum Liquidation Breakdown
By asset, Bitcoin saw the highest absolute liquidation volume: $82.19 million in long positions and $36.74 million in shorts, for a combined $118.93 million, or 37.8% of the total. Ethereum followed with $45.27 million in long liquidations and $18.45 million in shorts, totaling $63.72 million. Together, Bitcoin and Ethereum accounted for 58% of all liquidations. The remaining $132 million came from altcoin and other derivative contracts.
Affected Traders and Largest Single Liquidation
A total of 84,288 distinct traders were liquidated over the 24-hour period, with an average liquidation size of approximately $3,737. The single largest liquidation order occurred on Binance's ETHUSDT perpetual contract, valued at $8.57 million. Such a large forced closure typically corresponds to a high-leverage position (50x-100x), suggesting that a whale or large professional trader was caught off-guard by the price swing.
Market Impact and Risk Considerations
Sequential liquidations can accelerate downward price movement, creating a negative feedback loop that intensifies volatility. The current long-to-short liquidation ratio of 2.24:1 is well above typical daily levels, indicating that a significant amount of long leverage has been flushed out. This deleveraging process may reduce open interest across major exchanges, potentially leading to lower intraday volatility in the near term. However, residual risk of additional liquidations remains, especially if prices fail to establish a stable support level.
Data source: Coinglass.