Crypto Liquidations Top $102 Million as Long Positions Dominate Sell-Off

Roughly $102.86 million in leveraged cryptocurrency positions were wiped out over the past 24 hours, according to data aggregated by CoinGlass—an abrupt shakeout that underscores how quickly risk can cascade when liquidity thins and intraday volatility spikes.

The bulk of the damage was concentrated on bullish bets. Long liquidations totaled about $87.66 million, accounting for 85.24% of the overall figure, while short liquidations came in at roughly $15.20 million (14.76%). Such a lopsided distribution typically reflects a swift downside move or a series of sharp pullbacks that catch crowded long positioning offside, forcing exchanges to close positions once margin requirements can no longer be met.

Exchange-level data over the most recent four-hour window showed Binance leading liquidation volume, with about $3.81 million—25.71% of the tracked total—closed out, including $2.47 million in longs (64.81%). Bybit followed with approximately $2.77 million (18.73%), dominated by long liquidations of $2.43 million (87.49%). Bitget recorded around $2.73 million (18.42%) in liquidations, with longs comprising 93.15%.

One notable outlier was Hyperliquid, where long positions accounted for 98.34% of liquidations during the period—a sign that leverage was heavily skewed to the upside on that venue and that downside swings disproportionately triggered forced selling.

By asset, Ethereum (ETH) posted the largest liquidation footprint. CoinGlass data showed ETH-related positions seeing about $110.77 million in liquidations over 24 hours, with a peak of roughly $12.94 million over a four-hour slice. Bitcoin (BTC) followed, with around $92.46 million liquidated over 24 hours and a four-hour high near $13.96 million. Solana (SOL) saw approximately $9.36 million in liquidations over the day.

Elsewhere, Dogecoin (DOGE) experienced relatively modest forced closures—about $113,800 over four hours—alongside a mild price decline of 1.90%. In contrast, XRP saw a sharper drop of 4.83%, coinciding with heavier liquidation activity, while Dash (DASH) fell 4.12% as liquidations also accelerated.

In crypto derivatives, a 'liquidation' occurs when an exchange forcibly closes a leveraged position after the trader’s collateral can no longer satisfy maintenance margin requirements. The latest wave of liquidations points to heightened sensitivity to price swings, with leveraged longs carrying the brunt of the demand shock—an environment that can amplify moves as forced selling feeds into thinner order books.

While liquidation data does not reveal the underlying catalyst on its own, the scale and long-heavy split suggest positioning had become stretched. If volatility remains elevated, derivatives markets may continue to drive short-term price action, with funding, open interest, and liquidity conditions dictating how quickly the next move propagates through the system.