$271M in Long Positions Liquidated as Leverage Takes a Beating

The crypto derivatives market has served up another painful reminder that leverage is a double-edged sword.

Over the past 24 hours, $271 million in total positions were liquidated across perpetual futures platforms, according to data from Coinglass.

The damage was overwhelmingly one-sided, with long positions accounting for $228.2 million of the carnage, while shorts contributed a comparatively modest $42.8 million.

Bitcoin and Ethereum led the bloodbath, with Bitcoin longs taking the biggest hit at $120.2 million, roughly half of all long liquidations in a single asset.

Ethereum wasn't far behind, with long positions accounting for $45.7 million in liquidations, while short liquidations came in at $12.2 million.