TokenPost.ai
Crypto derivatives traders were hit with a sharp wave of forced unwinds over the past day, with roughly $686.49 million in leveraged positions liquidated despite only modest spot-price moves—an outcome that underscores how crowded positioning can turn a quiet market into a volatility trap.
Data aggregated by CoinGlass showed long positions accounting for the bulk of the damage: about $475.82 million in long liquidations versus $210.68 million in shorts, meaning roughly 69.3% of the total was concentrated on bullish bets. The imbalance suggests that while price action remained largely range-bound, traders’ expectations were skewed toward upside continuation—leaving the market vulnerable to cascading margin calls when momentum failed to follow through.
In the most recent four-hour window, liquidations were concentrated on a handful of major venues. Binance led with $43.70 million—about 44.72% of the total across tracked exchanges—with longs making up $35.49 million, or 81.2%. Bybit followed with $13.68 million, where longs represented 84.19% of liquidations. Hyperliquid ($11.23 million), OKX ($9.44 million), and Bitget ($7.56 million) rounded out the next tier.
Notably, liquidation flow was more balanced on HTX, where longs represented 55.05%, and on Aster at 51.73%, indicating a closer-to-even distribution of long and short risk. BitMEX, by contrast, showed an extreme skew, with longs accounting for 99.91%—effectively an almost one-sided flush.
By asset, liquidations clustered around the two largest cryptocurrencies—Bitcoin (BTC) and Ethereum (ETH)—even though each posted only marginal gains over 24 hours. Bitcoin saw $106.48 million liquidated, split between $54.31 million in longs and $52.17 million in shorts, while BTC was up about 0.1% to $103,672. Ethereum recorded $46.16 million in liquidations ($31.87 million longs and $14.29 million shorts) as ETH rose roughly 0.1% to $5,293. The combination of muted price changes and outsized liquidations points to elevated leverage sitting on top of a narrow trading range.
Among major altcoins, XRP led liquidation totals with $122.77 million over 24 hours—$66.58 million in longs and $56.19 million in shorts—while the token gained about 0.7%. Dogecoin (DOGE) followed with $73.64 million liquidated, including $44.91 million in longs and $28.73 million in shorts. Sui (SUI) saw $24.90 million in liquidations, while TRUMP totaled $14.51 million and Bitcoin Cash (BCH) posted $9.06 million.