$86M in Crypto Futures Liquidations: Longs Dominate BTC and ETH, AKE Shorts Squeezed

Crypto futures markets saw a significant shift in the past 24 hours, with over $86 million in liquidations. According to CryptoRank, this figure is comprised of $48.37 million in Bitcoin (BTC) long positions and $29.91 million in Ethereum (ETH) long positions.

The data suggests that many traders were betting on price increases for these major assets, but the market had other plans. A high proportion of long liquidations in BTC and ETH indicates a sudden market correction or bout of volatility driven by macroeconomic news or shifts in sentiment.

Notably, the token AKE experienced $8.45 million in liquidations, but unlike the major assets, a striking 88.56% of those were short positions. This short squeeze in AKE could fuel further upside momentum for the token, at least in the near term.