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Roughly $37.25 million in leveraged crypto positions were liquidated over a four-hour window, with losses skewing toward traders positioned for a downturn—an early sign that a modest market rebound is beginning to stress crowded bearish bets.
Data from CoinGlass showed short liquidations totaled about $22.98 million, or 61.69% of the wiped-out positions, while long liquidations came in at $14.27 million, or 38.31%. The imbalance suggests recent upward price action has pressured 'leveraged shorts' more aggressively than the long side, a dynamic that can amplify short-term volatility when forced buybacks cascade.
By venue, Binance led the liquidation tally with about $16.22 million, accounting for 43.54% of the total. Shorts made up $9.47 million of that figure (58.37%), indicating that sell-side leverage was hit hardest as prices nudged higher. Bybit ranked second, with $7.38 million in liquidations (19.82%), and an even heavier short bias: $5.82 million, or 78.83%.
Hyperliquid posted $4.48 million in liquidations (12.02%), but stood out for showing the opposite pattern among major trading venues—long liquidations of $2.38 million exceeded shorts, making it one of the few large platforms where the forced unwind leaned bullish. OKX followed with $3.46 million (9.29%), then Gate with $2.84 million (7.61%) and Bitget with $2.05 million (5.49%). Smaller exchanges displayed divergent positioning as well: on some venues, long liquidations dominated even when total liquidation volume was relatively modest, underscoring how directional leverage can vary sharply by platform.
Across tokens, Bitcoin (BTC) and Ethereum (ETH) continued to anchor the broader deleveraging cycle. On a 24-hour liquidation heatmap, BTC recorded approximately $164.11 million in liquidations, while ETH saw around $121.47 million, reinforcing that the largest and most liquid assets remain the primary outlet for leverage build-ups—and the first place where risk is mechanically reduced when markets jump.
Outside the top two, TON posted about $30.05 million in liquidations, Zcash (ZEC) $23.57 million, and Solana (SOL) $16.07 million. In shorter time frames, Sui (SUI) was the most conspicuous outlier. Over one hour, SUI’s long liquidations reached about $36.34 million versus roughly $6.2 million for shorts, while the four-hour window showed shorts ($6.31 million) exceeding longs ($4.07 million), signaling rapidly shifting pressure and heightened sensitivity to intraday swings.