Crypto Longs Suffer $104M in Liquidations as Gold Sees Short Squeeze

Crypto perpetual futures markets have seen significant liquidations over the past 24 hours, totaling approximately $104 million. Long positions have borne the brunt of the losses, with Bitcoin (BTC) and Ethereum (ETH) accounting for over $96 million of the total.

The dominance of long liquidations in BTC and ETH suggests a sudden price drop or increased volatility that caught leveraged bullish traders off guard. This can occur when the market experiences a sharp correction, triggering cascading liquidations as margin calls force automated selling.

In contrast to crypto, gold futures (XAU) saw $6.88 million in liquidations, with 87.29% of those being short positions. This indicates that traders betting on a decline in gold prices were caught off guard by a price increase.