Bitcoin Price Pullback Wipes Out $250M in Long Positions

A weekend crypto leverage squeeze wiped out around $250 million in long positions on Friday and Saturday, with Bitcoin accounting for nearly $55.8 million of the losses over 24 hours.

The liquidations occurred as Bitcoin traded near $76,088 before recovering to about $77,300.

Binance accounted for a significant portion of the losses, including an $11.72 million ETHUSDT hit on Friday.

Despite the losses, open interest fell by 2.65% over 24 hours, with major perpetual funding rates hovering near the 0.01% baseline.