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Crypto markets faced one of their sharpest leverage resets in weeks, with more than $514 million in positions liquidated over a 24-hour stretch as a sudden intraday downturn forced mass unwinds across major derivatives platforms. Data from CoinGlass shows long traders absorbed the bulk of the damage, with $376 million in long liquidations—nearly triple the $138 million in short positions—highlighting how aggressively markets had been positioned for continued upside before momentum abruptly shifted.
Over 155,000 traders were caught in the cascade, including the day’s largest liquidation: a $23.18 million BTC position on perpetuals venue Hyperliquid. Binance, Hyperliquid, and Bybit accounted for roughly 72% of all liquidations, underscoring their deep involvement in leveraged trading flows. Binance registered $144.6 million in liquidations, with an overwhelming 76% coming from longs. Hyperliquid followed with $115.8 million in wiped-out positions, 83% of which were longs, while Bybit recorded $109.3 million in total liquidations, with longs making up 72%.
The imbalance illustrates how one-sided sentiment had become after bitcoin’s rebound earlier in the week, as traders piled into bullish bets despite lingering liquidity gaps across major assets. This reset comes after several sessions of rising open interest and elevated funding rates—classic precursors to rapid deleveraging when price strength begins to fade.
Liquidation cascades intensify volatility by forcing overleveraged positions to close at market prices, adding downward pressure during pullbacks. However, analysts often view large-scale long flushes as constructive, noting that such events clear excess leverage and can help markets stabilize as long as key technical zones remain intact.
This latest shakeout may ultimately set the stage for healthier market structure, but traders are likely to stay cautious as leverage conditions reset and liquidity remains uneven across the crypto landscape.
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