Crypto Derivatives Market Wipes Out $500M in Shorts Over 24 Hours

The crypto derivatives market experienced significant turbulence over the past 24 hours, resulting in more than $500 million in leveraged positions being wiped out across major perpetual futures.

Data from multiple exchanges shows that short sellers bore the brunt of the losses, particularly in Bitcoin (BTC), where 83.94% of liquidations were short positions.

Ethereum (ETH) followed with $151.68 million liquidated, 74.62% of which were shorts. Solana (SOL) recorded $22.57 million in liquidations, with shorts accounting for 68.59%. These figures reflect the volatile nature of the crypto derivatives market.

The concentration of short liquidations indicates that many traders were caught off guard by the upward price action. The fact that shorts were disproportionately affected suggests that the market may have been positioned for a downturn, only to see prices move higher.