$514M in Crypto Liquidations Hit as Long Positions Unwind
Crypto markets saw one of the largest leverage resets in weeks, with over $514 million in positions liquidated over the past 24 hours following a sharp intraday swing.
Longs bore the brunt, accounting for $376 million—almost three times the $138 million in shorts—underscoring how heavily traders had bet on continued upside. More than 155,000 traders were liquidated, including a single $23.18 million BTC perpetual position on Hyperliquid.
Top Exchanges Impacted
- Binance: $144.6M in liquidations, 76% long
- Hyperliquid: $115.8M, 83% long
- Bybit: $109.3M, 72% long
Combined, these three exchanges represented roughly 72% of all forced unwinds.
The data points to a market that had become increasingly one-sided following Bitcoin’s rebound earlier in the week, with traders leaning heavily into long positions despite patchy liquidity across BTC and major altcoins.
Rising open interest and elevated funding rates set the stage for the sharp reset. Liquidation cascades amplify volatility by forcing underwater positions to close at market prices, intensifying sell pressure during downturns.
Analysts note that long-side flushes can also act as healthy clearing events, removing excess leverage and allowing markets to stabilize if key technical support levels hold.
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