$111.7 Million in Leveraged Positions Liquidated
Over the past 24 hours, the cryptocurrency market saw approximately $111.7 million in leveraged position liquidations across major assets, according to aggregated data. Long positions accounted for about $86.7 million of the total, while short positions made up roughly $25 million, indicating a heavier long-side wipeout. However, in the most recent four-hour window, short liquidations dominated, signaling a shift in short-term market dynamics.
Exchange-Level Divergence in Liquidation Patterns
In the last four hours, total liquidations reached $13 million across exchanges. Binance led with $4.73 million in liquidations, representing 36.41% of the total, with short positions comprising 65.79% of that amount. Hyperliquid followed with $2.91 million, where a striking 99.64% were long liquidations, highlighting a stark contrast in position bias between exchanges. Gate saw $1.66 million, Bybit $1.44 million, Bitget $885,250, and OKX $839,580 in liquidations. Overall, short liquidations accounted for $7.53 million (57.94%) versus long liquidations of $5.47 million (42.06%) in the four-hour period, showing a short-covering trend.
Ethereum Tops Liquidation by Asset
By coin, Ethereum (ETH) saw the highest 24-hour liquidations at $51.49 million, followed by Bitcoin (BTC) at $20.01 million. Other altcoins collectively accounted for $14.56 million, with Solana (SOL) at $11.56 million, T at $5.07 million, ZEC at $4.86 million, EVAA at $4.55 million, and CASHCAT at $3.21 million. The presence of smaller-cap tokens like T, ZEC, EVAA, and CASHCAT among the top liquidation assets suggests concentrated leverage in low-liquidity or thematic coins, raising the risk of cascading liquidations.
Mixed Signals and Market Implications
The divergence between exchanges—where Hyperliquid saw almost exclusively long liquidations while Binance and others experienced short-heavy liquidations—points to fragmented user positioning and liquidity structures rather than a uniform market direction. Ethereum's liquidation volume significantly outpacing Bitcoin's also suggests that short-term volatility is more concentrated in ETH. Liquidation events occur when exchanges forcibly close leveraged positions due to insufficient margin, often amplifying price swings and triggering further liquidations. The data underscores the importance of monitoring leverage across both major and minor assets, as sudden price dislocations can emerge in low-liquidity altcoins.