$146M in Crypto Long Positions Liquidated in 24-Hour Market Rout

The crypto derivatives market delivered a harsh lesson to leveraged bulls in one 24-hour window. A total of $146 million in long positions were forcibly closed across the market, with Bitcoin and Ethereum accounting for most of the damage.

The liquidations hit hardest on perpetual futures contracts, which are used by traders looking to amplify their bets on rising prices. Binance, Bybit, and OKX bore the brunt of the liquidation activity on the centralized exchange side.

Hyperliquid, a decentralized perpetuals platform, also saw significant forced closures. The $146 million figure may be an underestimate, as aggregator platforms like CoinGlass produce conservative estimates due to incomplete data from exchanges.