Crypto Markets See $514M in Liquidations as BTC and Alt Positions Flush

Crypto markets endured one of the largest leverage resets in weeks over the past 24 hours, with more than $514 million in positions liquidated as a sharp intraday swing triggered forced selling across major derivatives venues.

Data from CoinGlass shows that long positions bore the brunt, accounting for $376 million of the total—nearly three times the $138 million in short-side liquidations—highlighting how heavily traders had positioned for continued upside before the reversal. More than 155,000 traders were liquidated, including a single $23.18 million BTC perpetual position on Hyperliquid.

Exchanges Hit Hardest
Binance, Hyperliquid, and Bybit accounted for the majority of forced unwinds:

• Binance: $144.6 million in liquidations, 76% on longs
• Hyperliquid: $115.8 million, with 83% long positions
• Bybit: $109.3 million, 72% long positions

Together, these three exchanges represented roughly 72% of all liquidations.

The data reflects a market that had become increasingly one-sided following Bitcoin’s rebound earlier in the week, with traders leaning heavily into long positions even as liquidity across BTC and major altcoins remained thin.

This liquidation event follows several sessions of rising open interest and elevated funding rates—conditions that often precede sharp resets when price momentum falters. Such cascades amplify volatility, forcing underwater positions to close at market prices and increasing sell pressure during downturns.

Analysts note that large long-side flushes can also serve as healthy clearing events, removing excess leverage and allowing markets to stabilize, provided key technical levels hold.