The crypto markets experienced one of their largest leverage resets in recent weeks over the past 24 hours, with over $514 million in positions liquidated due to a sharp intraday swing that triggered forced selling across major derivatives platforms.
According to CoinGlass, long positions made up $376 million of the total, nearly three times the $138 million in short liquidations, indicating a heavy trader expectation for continued upward movement before the sudden reversal.
More than 155,000 traders faced liquidation, with the largest single order — a $23.18 million BTC position — eliminated on the perpetuals exchange Hyperliquid.
Binance, Hyperliquid, and Bybit were the most affected exchanges. Binance recorded $144.6 million in liquidations, with 76% being long positions. Hyperliquid had $115.8 million in liquidations, with an even higher 83% share of long positions. Bybit followed closely with $109.3 million, where 72% were long-side liquidations.
Collectively, these three exchanges accounted for approximately 72% of all forced liquidations.
This market shift highlights an increasingly one-sided sentiment after bitcoin’s rebound earlier in the week, as traders leaned toward a continuation of upward movement, despite liquidity being inconsistent across BTC and major altcoins.
This wave of liquidations came after several sessions of rising open interest and heightened funding rates — conditions that typically precede significant resets when price momentum slows down.
Liquidation cascades exacerbate volatility by compelling underwater positions to close at market prices, intensifying sell pressure during downturns.
Nevertheless, analysts often consider significant long-side flushes as healthy clearing events that eliminate excess leverage and help stabilize markets, assuming critical technical levels are maintained.
