The cryptocurrency market’s latest decline has resulted in approximately $1.53 billion worth of leveraged positions being liquidated within 24 hours. Traders betting on price increases suffered the heaviest losses as Bitcoin, Ethereum and other digital assets came under pressure following Binance’s security breach.

According to CoinGlass, bullish positions accounted for 83.8% of total liquidations, wiping out approximately $1.29 billion in long trades.

The selling intensified over the latest 12-hour period, generating around $1.37 billion in forced closures. Long positions contributed approximately $1.23 billion of that total, indicating that traders expecting higher prices were particularly exposed to the downturn.

The liquidation wave followed Thursday’s Binance security incident, which the exchange estimates affected approximately $6.3 billion in cryptocurrency assets. Binance has promised to cover the losses and suspended deposits and withdrawals while conducting additional security checks.

Bitcoin fell to a low near $76,460 before recovering to approximately $78,500. Ether also dropped below $2,200 before returning to around $2,240. Solana, XRP and Dogecoin experienced further declines during the market selloff.

Leveraged trading enables investors to open positions larger than their available collateral. However, when prices move against these trades and reach predetermined thresholds, exchanges automatically close the positions to limit additional exposure.

These liquidations can accelerate market movements. When long positions are closed, the resulting sell orders can deepen an existing decline and create further pressure across the market.

Bitcoin and Ether Dominate Crypto Liquidation Figures

Bitcoin accounted for approximately $499 million in forced closures, while Ethereum contributed another $358 million. Together, the two assets represented more than half of the total liquidation volume.

Solana recorded approximately $82.6 million in liquidations. XRP followed with $38.1 million, while Dogecoin registered $18.6 million.

Binance experienced the largest exchange-level impact, recording approximately $754.6 million in liquidations. That represented 49.2% of the overall market total, with long positions accounting for roughly $670.6 million.

Hyperliquid reported $251.4 million in forced closures, while Bybit recorded approximately $186.5 million.

CoinGlass identified the largest individual liquidation as an $11 million Bitcoin long position on Binance.

Bitcoin’s Recovery Triggers Short Position Liquidations

The market’s rebound has also started affecting traders who anticipated further declines.

Over the latest four-hour period, short positions accounted for $57.3 million of the $85 million in liquidations. During the most recent hour, bearish traders faced even greater pressure, with short liquidations reaching $20.6 million out of $21.6 million in total, or approximately 95%.

When a short position is closed, the trader must buy back the asset previously sold. A large number of forced short closures can therefore generate additional buying demand, potentially pushing prices higher.

The liquidation pattern suggests that market pressure is changing direction. Long traders absorbed most of the damage during the initial selloff, while the subsequent recovery has begun forcing bearish traders out of their positions.