According to data from Coinglass, the cryptocurrency market experienced total liquidations of $637 million in the past 24 hours, with long positions accounting for $387 million and short positions for $251 million, resulting in a squeeze on both sides. Bitcoin saw total liquidations of $261 million, broken down into $110 million in longs and $151 million in shorts. Ethereum recorded $72.25 million in long liquidations and $45.41 million in short liquidations, totaling approximately $117 million. Globally, 143,382 traders faced liquidation, and the single largest liquidation order occurred on Hyperliquid's BTC-USD pair, valued at $16.1984 million.
The broad-based liquidations across both long and short positions underscore heightened short-term market volatility. The high leverage prevalent in crypto derivatives can trigger cascading liquidations during extreme price swings, calling for stricter risk management by traders. Coinglass remains a key data platform providing real-time liquidation metrics for market participants.