Crypto Markets Suffer $104M in Liquidations as Longs Get Hit

Crypto perpetual futures markets have seen significant liquidations over the past 24 hours, totaling $104 million. Long positions in Bitcoin (BTC) and Ethereum (ETH) dominated these losses, accounting for over $96 million of the total.

A notable divergence occurred in gold futures (XAU), where short positions saw $6.88 million in liquidations, with 87.29% of those being short sellers caught off guard by a price increase.

The dominance of long liquidations suggests that the market experienced a sudden price drop or increased volatility, triggering cascading liquidations as margin calls forced automated selling.