Crypto markets dip: Over $700M in leveraged positions liquidated, 85.3% were longs.

Crypto markets plunged in the last 24 hours, liquidating over $737 million in leveraged positions—85.3% were longs. Altcoins like ETH, XRP, and SOL pulled back, while meme coins saw heavier losses. Traders now watch key support levels to gauge if this is a brief shakeout or a wider correction.

Over 240,000 traders liquidated with positions worth over $700 million:

Crypto market sharply pulled back midweek, with Ethereum, Ripple, and other altcoins nosediving on Wednesday.

According to the CoinGlass Liquidation Map chart, a total of 243,970 traders were liquidated in the last 24 hours, resulting in a total liquidation value of over $700 million. Notably, 85.3% of the positions were long, indicating overly bullish positioning. The largest single liquidation occurred on Binance, where a BTCUSD position worth $2.96 million got liquidated.

The report explained that the drop in crypto prices is likely the result of profit-taking by retail traders or large wallet investors and capital rotation or positioning before the expected coming altcoin season.