Crypto markets absorbed one of their largest leverage resets in recent weeks in the past 24 hours, with more than $514 million in positions liquidated over 24 hours, as a sharp intraday swing triggered forced selling on major derivatives platforms.
Data from CoinGlass shows that long positions accounted for $376 million of the total, nearly three times the $138 million in short liquidations, indicating how well traders were positioned for continued upside before the move reversed.
More than 155,000 traders were liquidated, with the largest order – a $23.18 million BTC position – wiped out on perpetual platform Hyperliquid.
Binance, Hyperliquid and Bybit bore the brunt of the impact. Binance recorded $144.6 million in liquidations, 76% of which were long positions. Hyperliquide recorded $115.8 million in liquidations, with an even stronger long share of 83%. Bybit followed at $109.3 million, with 72% long liquidations.
Together, the three exchanges accounted for approximately 72% of all forced settlements.
This distortion reveals a market that has become increasingly one-sided following Bitcoin’s rebound earlier in the week, with traders looking toward continued upside even as liquidity remains spotty between BTC and major altcoins.
Such a wipeout follows several sessions of rising open interest and high funding rates – conditions that often precede hard resets when price momentum grinds to a halt.
Liquidation cascades amplify volatility by forcing underwater positions to close at market prices, thereby increasing selling pressure during downturns.
Yet analysts often view large hot flashes in long positions as healthy clearing events that eliminate excess leverage and allow markets to stabilize, provided key technical levels hold.
