Crypto Contract Liquidations Reach About $315 Million in 24 Hours

Crypto contract liquidations reached about $315 million across networks in a 24-hour snapshot for Oct. 23, with long positions making up most of the total.

Long liquidations totaled $248 million, compared with $66.3148 million in short liquidations. The long-side figure was about 3.7 times the short-side total. The listed amounts add to $314.3148 million, making the aggregate a rounded figure.

Liquidations are automatic closures of leveraged positions when market moves leave traders unable to meet margin requirements, a mechanism explained in earlier coverage of crypto liquidations.

Ether (ETH) liquidations totaled $61.2144 million, while Bitcoin (BTC) liquidations reached $52.397 million. The largest single liquidation was valued at $3.7678 million for HYPERLIQUID-XYZ:SOXL-USD.