Crypto markets absorbed one of their biggest leverage resets in weeks in the past 24 hours, with more than $514 million in positions liquidated over 24 hours, as a sharp intraday swing triggered forced selling across major derivatives venues.
Data from CoinGlass shows that longs accounted for $376 million of the total, nearly three times the $138 million in short liquidations, in an indication of how heavily traders were positioned for continued upside before the move reversed.
More than 155,000 traders were liquidated, with the largest single order – a $23.18 million BTC position – wiped out on perpetuals venue Hyperliquid.
Binance, Hyperliquid and Bybit bore most of the impact. Binance saw $144.6 million in liquidations, 76% of them long. Hyperliquid recorded $115.8 million in liquidations, with an even steeper 83% long share. Bybit followed at $109.3 million, with 72% long-side liquidations.
Together, the three exchanges accounted for around 72% of all forced liquidations.
The skew reveals a market that had become increasingly one-sided following bitcoin’s rally earlier in the week, with traders leaning on upward continuation even as liquidity remained volatile across BTC and major altcoins.
Such a wipeout follows several sessions of rising open rates and elevated funding rates — conditions that often precede sharp resets when price momentum stalls.
Liquidation cascades amplify volatility by forcing underwater positions to close at market prices, increasing selling pressure during downturns.
Still, analysts often view large long-side flushes as healthy clearing events that remove excess leverage and allow markets to stabilize, provided key technical levels hold.
