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Roughly $39.87 million in leveraged crypto positions was liquidated over the past 24 hours, with short bets accounting for nearly two-thirds of the total—an imbalance that suggests recent price action leaned against bearish positioning even as major coins moved only marginally.
Data from CoinGlass showed that as of Aug. 9 at 3:56 p.m. UTC (based on Aug. 10, 4:56 a.m. KST), liquidations across the top 20 tracked instruments reached $39.865 million. Long liquidations totaled $14.27 million, while short liquidations climbed to $25.59 million—about 64.19% of the overall figure.
Despite the elevated wipeout in derivatives, spot performance among major assets was muted. Bitcoin (BTC) traded around $65,138, up 0.19% over 24 hours, while Ethereum (ETH) rose 0.06% to about $1,921, according to CoinMarketCap data cited in the report. Among large-cap tokens, Solana (SOL) gained 1.48%, XRP (XRP) edged down 0.13%, Hyperliquid (HYPE) fell 0.55%, and Dogecoin (DOGE) declined 0.78%.
Bitcoin led liquidation volumes with about $14.23 million cleared out over the 24-hour window. Notably, roughly 71% of BTC liquidations were shorts, totaling about $10.04 million—an indication that a modest upward drift was enough to trigger forced closures for traders positioned for downside.
Ethereum followed with $10.46 million in liquidations, with shorts comprising about 60%. Solana recorded $3.85 million, heavily skewed to shorts at 86%, signaling that its relative outperformance coincided with outsized pressure on bearish leverage. Zcash (ZEC) posted $1.95 million with 81% in shorts.
In contrast, several assets saw liquidation dominance tilt toward longs. XRP registered $1.86 million in liquidations, with longs accounting for about 85%, while Dogecoin saw $768,840 liquidated with roughly 82% attributed to long positions—suggesting pockets of downside volatility where bullish leverage was more exposed.
Other notable instruments listed in the CoinGlass top-20 table included “SpaceX (SPCX)” at $1.54 million in liquidations (66% shorts) and gold (XAU) at $1.19 million (94% shorts), underscoring that liquidation activity was spread beyond major crypto pairs into a broader set of tracked markets and products.
CoinGlass’ figures reflect the combined liquidation totals of its top 20 instruments and venues rather than the entire market. Because exchanges and data providers can differ in product coverage and calculation methodology, totals may not match other aggregations. Still, the skew toward short liquidations points to a market where crowded bearish leverage remains vulnerable to abrupt reversals—even in an environment of relatively stable headline prices.
🔎 Market Interpretation
- Derivatives-led shakeout despite flat spot prices: About $39.87M in liquidations occurred while BTC (+0.19%) and ETH (+0.06%) moved only slightly, implying positioning/leverage—rather than large spot moves—drove the washout.
- Shorts were the main casualty: Shorts made up $25.59M (64.19%) vs longs at $14.27M, suggesting bearish positioning was crowded and vulnerable to even modest upside drift.
- BTC and ETH dominated liquidation volume: BTC saw $14.23M liquidated with ~71% in shorts; ETH had $10.46M with ~60% shorts—consistent with a mild upward bias pressuring downside bets.
- Relative winners amplified short pain: SOL gained +1.48% and showed $3.85M liquidations with 86% shorts, indicating outsized squeeze pressure where price outperformed.
- Pockets of long-side stress remained: XRP liquidations were $1.86M with ~85% longs, and DOGE liquidations were $768,840 with ~82% longs—signaling localized downside volatility in certain alts/memes.
- Cross-market coverage matters: CoinGlass’ “top 20 instruments” included non-core items like SPCX and XAU, so totals reflect a selected basket rather than the entire crypto market.
💡 Strategic Points
- Read the skew as positioning risk, not necessarily trend confirmation: A high share of short liquidations can reflect crowded shorts getting forced out even when spot is range-bound; avoid assuming a sustained rally without confirming spot volume and breakout levels.
- Manage leverage around “quiet” markets: Small moves can trigger liquidations when funding/positioning is stretched; consider lower leverage, wider stops, or smaller size during low-volatility regimes.
- Use liquidation mix to spot vulnerable sides:
- Short-dominant liquidations (e.g., BTC, SOL) can signal potential for continued squeeze if price holds firm.
- Long-dominant liquidations (e.g., XRP, DOGE) can indicate weaker support zones or shakeouts where late longs were overextended.
- Focus on asset-specific dispersion: The market showed rotation and idiosyncratic risk (SOL strength vs XRP/DOGE weakness). Strategies like pair trades or selective exposure may fit better than broad beta.
- Validate data scope before acting: Since CoinGlass aggregates across select venues/products, cross-check with exchange-specific dashboards and open interest/funding for the instruments you trade.
📘 Glossary
- Liquidation: Forced closure of a leveraged position when margin falls below required levels, typically executed by an exchange.
- Leveraged position: A trade using borrowed funds, amplifying both gains and losses.
- Long / Short: Long profits if price rises; short profits if price falls.
- Short squeeze: A rapid rise that forces short sellers to buy back, accelerating upward moves and triggering more short liquidations.
- Derivatives vs Spot: Derivatives are contracts (perps/futures) whose pricing can be heavily influenced by leverage; spot is direct asset buying/selling.
- Open interest (OI): Total outstanding derivative contracts; high OI can increase liquidation risk during sudden moves.
- Funding rate: Periodic payments between long and short positions in perpetual futures that reflect positioning imbalance.
- Instrument coverage: The specific set of markets/products included in a data provider’s aggregation (e.g., “top 20”), affecting totals and comparability.
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