According to Coinglass data, the past 24 hours have seen another wave of heavy liquidations across the crypto market, with a total of $292 million cleared. Out of this, long positions absorbed $214 million, while shorts accounted for $78.3 million, indicating a sharp reversal after traders had heavily leaned bullish.
Bitcoin longs saw liquidations of roughly $42.3 million, while shorts lost $13.7 million, reflecting the coin’s volatile mid-range movement. Ethereum, on the other hand, took a bigger blow — with long liquidations hitting $65.58 million compared to $25.42 million in short liquidations. The largest single liquidation was recorded on Hyperliquid – BTC-USD, worth approximately $6.31 million.
Over 121,000 traders were liquidated globally in the same period, a clear sign that leverage across major exchanges remains high and market sentiment is still fragile. Analysts note that the uneven liquidation distribution points to overextended longs during brief relief rallies, particularly as funding rates on derivatives platforms remain elevated.
From my view, this $292 million washout continues the same pattern we’ve seen all week — markets are aggressively punishing high-leverage positions, regardless of direction. The fact that long liquidations dominate suggests traders may have been overconfident in a short-term recovery following last week’s dip, only to face renewed resistance.
The key takeaway: in the current environment, volatility is hunting impatience. Until volume stabilizes and funding rates normalize, the market is likely to continue its cycle of sudden squeezes and deep resets — clearing overleveraged players before the next directional move takes shape.
