Crypto Liquidations Hit $122 Million as Long Positions Dominate Market Flush

Crypto derivatives traders saw a fresh wave of forced unwinds over the past day, with total liquidations reaching about $122.12 million—an imbalance that skewed heavily toward bullish bets and underscored how quickly leverage can amplify otherwise modest price moves.

Data aggregated by CoinGlass showed roughly $87 million of the wiped-out positions were long trades, representing about 71% of the total, while shorts accounted for around $35 million, or 29%. The liquidation mix suggests many traders were positioned for upside into a market that ultimately failed to follow through, even as headline price changes in major tokens remained relatively contained.

In the most recent four-hour window, Binance handled the largest share of liquidations, with about $9.12 million—roughly 36.64% of the total for that period—closed out. Of that amount, long liquidations were about $7.31 million, or 80.14%. OKX ranked second with around $3.54 million (14.22%), including $2.32 million (65.58%) in long positions. Bybit posted about $3.07 million (12.34%) with long liquidations at 79.4%, while Bitget recorded about $2.96 million (11.88%) with a similar long-heavy ratio of 79.46%.

Smaller venues also saw notable concentration. Hyperliquid logged about $2.84 million in liquidations with long positions making up 84.1%, while HTX reported the highest long-liquidation share at 90.16%. The distribution points to a market where upside leverage was broadly crowded across exchanges, leaving traders vulnerable to abrupt intraday swings and thin liquidity pockets.

By asset, Bitcoin (BTC) led liquidations with around $68.85 million over 24 hours, including roughly $5.47 million in the latest four hours. Despite the amount of leverage reset, BTC’s spot price was little changed, down about 0.13% on the day to $70,118—an outcome that highlights how liquidations can be driven by short-term volatility and funding dynamics rather than a large directional move.

Ethereum (ETH) followed with about $38.96 million in liquidations over 24 hours, roughly 32% of the total. Solana (SOL) recorded about $4.22 million in liquidations during the same period while its price rose 0.42% to $88.99. Over the last four hours, SOL saw approximately $797,000 in long liquidations versus about $74,000 in shorts, suggesting that even a mild grind higher can still trigger forced closures if traders are overleveraged or positioned at crowded levels.

A striking feature of the session was the spillover into commodity-linked markets. Gold (XAU) positions saw about $6.59 million liquidated over 24 hours as gold fell 2.96%; in the last four hours alone, roughly $2.46 million of long exposure was closed. Tokenized gold proxies such as Tether Gold (XAUT) and Pax Gold (PAXG) slid 3.07% and 2.88%, respectively, mirroring the move and contributing to liquidation pressure among traders treating these products as lower-volatility hedges.

Silver (XAG) was even more volatile, dropping 6.29% and prompting about $4.05 million in liquidations over 24 hours. CoinGlass data also showed roughly $2.37 million in short liquidations in a 12-hour window, indicating sharp two-way moves where both directional bets were punished at different points in the swing.

Idiosyncratic flows also played a role. Bittensor (TAO) rose 6.75% yet still saw about $5.19 million in liquidations, with shorts accounting for about $3.19 million—consistent with a 'short squeeze' dynamic in which rising prices force bearish traders to buy back, accelerating the move. Zcash (ZEC) fell 1.46% and recorded about $1.69 million in liquidations, split between roughly $1.20 million in longs and $490,000 in shorts.

In crypto markets, a 'liquidation' occurs when a leveraged trader can no longer meet margin requirements and an exchange forcibly closes the position. This latest batch of liquidations points to elevated leverage not only in core crypto assets like Bitcoin and Ethereum, but also in tokenized representations tied to traditional commodities—broadening the channels through which macro volatility can ripple into digital-asset trading.

While the overall liquidation totals were significant, the relatively stable spot performance in BTC suggests the market is still grappling with uncertain direction, where positioning and leverage—rather than a clean trend—are driving sudden flushes. The concentration of liquidations on major venues such as Binance and OKX also reinforces the importance of monitoring exchange-level positioning as traders recalibrate risk after the latest volatility spike.