Crypto Long Squeeze Wipes Out $150M in Positions

Crypto derivatives experienced a significant shakeout over the past 24 hours, with $150 million in long positions liquidated across major perpetual futures contracts.

The cryptocurrency market's most popular asset, Bitcoin, bore the brunt of the sell-off, as data shows $82.26 million in BTC positions were forcibly closed, with an overwhelming 81.48% of those being long bets.

Ethereum also saw substantial losses, with $56.65 million in futures liquidations recorded. The long-to-short ratio was slightly more balanced than Bitcoin's, but longs still accounted for 59.49% of the total liquidated volume.

The concentrated liquidation wave comes amid a period of relative uncertainty in the broader crypto market. Analysts will be watching closely to see if this event clears the path for a more sustainable rally or signals the beginning of a deeper correction.