$309M Long Position Liquidations Spark Crypto Market Selloff

A $309 million wave of long positions was forcibly closed in the crypto market over the past 24 hours, with exchanges like Binance and OKX hit hardest.

The liquidation wave overwhelmingly punished traders betting on higher prices, with long positions accounting for the vast majority of the damage.

Bitcoin and Ethereum absorbed the largest share of liquidations, with daily totals ranging between $40 million and $80 million during periods of stress.

The event was a product of the structural mechanics baked into perpetual futures contracts, which can trigger more liquidations and create additional sell pressure in an already falling market.