Liquidation data from CoinGlass showed $646.5 million in forced closures across all assets in the last 24 hours. Long positions made up $492.6 million, or 76.2 %. Shorts absorbed just $154.4 million.
The heaviest pain came in a single four‑hour block where $201.8 million worth of positions were closed, $184.8 million of which were longs. A sharp, automated unwind of such size often exaggerates price moves in the moment, creating a cascade that feeds on itself until collateral buffers stabilise.
Despite the flush, Bitcoin seems to have stabilized at just above $115,000. This indicates that the spot market absorbed the BTC that hit the market once liquidations ran their course. Funding rates have also compressed toward neutral on major perpetual swaps, indicating that some of the overheated bullish leverage has reset.
