The cryptocurrency market experienced approximately $288.69 million in leveraged position liquidations over the past 24 hours, with long positions accounting for $255.4 million (88.5%) and shorts at $33.29 million, according to aggregated data. The overwhelming majority of losses hit bullish traders as the market faced broad downward pressure.
Exchange and Asset Breakdown
Binance dominated the liquidation volume, reporting $16.12 million in the last four hours—72.86% of the total $22.13 million across exchanges excluding Bitfinex. Of Binance's liquidations, $10.54 million (65.36%) were longs. Bybit followed with $2.31 million (77.64% longs), while OKX and Gate saw $1.09 million and $0.84 million, respectively. Notably, Bitget, HTX, and CoinEx recorded higher short liquidation proportions (60.7%, 53.95%, and 69.71%), indicating some short covering amid brief rebounds.
Bitcoin (BTC) led with $119.69 million in total liquidations ($107.8 million longs, $11.89 million shorts) as its price fell 4.7% in 24 hours. Ethereum (ETH) saw $32.19 million liquidated ($21.74 million longs, $10.45 million shorts) with a 2.1% decline. Solana (SOL) had $26.49 million, XRP $25.71 million, Dogecoin (DOGE) $22.1 million, and Cardano (ADA) $18.1 million. Dogecoin's long liquidations ($16.92 million) far exceeded shorts ($5.18 million) amid a 4.1% drop.
Short-Term and Heatmap Trends
Over one hour, BTC liquidations totaled $79.26 million ($67.82 million longs), ETH $21.21 million, SOL $16.98 million, and XRP $16.08 million. In the four-hour window, BTC saw $60.71 million, ETH $21.11 million, XRP $14.7 million, SOL $14.71 million, and DOGE $13.14 million. The 24-hour liquidation heatmap showed ETH as the largest at $49.49 million, followed by BTC at $18.87 million, SOL at $11.34 million, and smaller assets like EVAA, ZEC, and T—each exceeding $3.9 million despite lower market caps, signaling heightened volatility.
Liquidations occur when exchanges forcibly close leveraged positions due to insufficient margin. The dominance of long liquidations suggests that excessive bullish bets built up during the recent price rally are being rapidly unwound, with major assets like BTC, ETH, SOL, XRP, and DOGE bearing the brunt. The concentration of activity on Binance highlights where short-term volatility was most acute, while the short-covering on smaller exchanges hints at localized reversals.