In the past 24 hours, crypto markets witnessed a massive liquidation wave totaling $979.72 million, with long positions overwhelmingly impacted.
The day closed out as the largest liquidation event since February, when nearly $3 billion in both longs and shorts were liquidated within 48 hours.
Here’s how it breaks down:
Top assets by liquidation volume:
Bitcoin (BTC) and Ethereum (ETH) together account for 64% of total liquidations, reflecting high leverage activity around these majors. Notably, SOL and DOGE have significant liquidation volumes relative to their market cap, hinting at overleveraged retail enthusiasm.
Liquidations were concentrated across a few key platforms:
Bybit leads by liquidation volume, with an extreme 94.13% long bias, underscoring its user base’s heavy bullish leverage, likely cascading into one of the largest long squeezes on the platform.
Today’s liquidation data paints a picture of excessive long positioning across retail-heavy exchanges. The disproportionate hit to longs, nearly 9x the short liquidations, signals a classic long squeeze likely triggered by a rapid price drop in BTC or ETH. This may have been exacerbated by:
Given this scale of liquidations:
If BTC or ETH stabilizes, a short-term bounce is plausible, but sustained upside will require clear support and renewed confidence post-wipeout.
As of press time, Bitcoin is trading 2.2% lower than yesterday’s peak of $105,500 at $103,400.
