Over the past four hours, approximately $8.58 million in leveraged positions were liquidated across the cryptocurrency market, with short positions accounting for 66.08% of the total at $5.67 million, while longs represented $2.91 million. This imbalance indicates that short sellers faced significant pressure during a recent price rebound.
Exchange Breakdown
Binance led with $4.27 million in liquidations, representing 49.79% of the total, of which short positions comprised $2.51 million (58.78%). Hyperliquid followed with $1.45 million (16.88%), where shorts made up an overwhelming 99.1% of liquidations, suggesting a near-total short squeeze. OKX recorded $1.09 million (12.72%) with 65.22% shorts, while Bybit saw $768,290 in liquidations with longs dominating at 58.34%, a contrasting trend. Gate.io also reported $601,300 in liquidations with shorts at 80.78%.
Asset-Specific Data
On a 24-hour basis, Bitcoin (BTC) led with $23.22 million in liquidations, followed by Ethereum (ETH) at $16.91 million. Other altcoins collectively saw $14.73 million, with Solana (SOL) at $4.1 million, SNDK at $3.95 million, SKL at $2.99 million, and LAB at $2.85 million. BTC and ETH remain the primary drivers of leveraged liquidation activity, while liquidation volume is spreading to mid- and small-cap tokens.
Market Sentiment and Strategy
Ticker-specific data shows SIRE with 55% long bias and a 4.12% price increase, Solana with 62% longs and 2.44% gains, and Dogecoin (DOGE) with 53% longs and 3.18% gains, indicating relatively strong buying sentiment. Conversely, Floki (FLOKI) had 57% shorts and fell 2.02%, Optimism (OP) had 52% shorts and dropped 3.21%, Pepe (PEPE) had 54% shorts and declined 0.48%, and ARB had 55% shorts. The concentration of short liquidations on exchanges like Hyperliquid points to a short squeeze, where excessive bearish bets were rapidly unwound during a short-term rally. This suggests potential for renewed volatility, especially in assets like BTC, ETH, SOL, and DOGE that show long dominance, while FLOKI, OP, PEPE, and ARB may face continued bearish pressure.