Crypto Longs Wipe Out $275M in 24 Hours as Price Reversal Hits
The cryptocurrency derivatives market experienced a significant purge over the past 24 hours, resulting in total liquidation volumes of approximately $275 million across major perpetual futures.
The majority of these liquidations hit long positions, indicating a sharp price reversal that caught many traders off guard. Bitcoin led the liquidation wave with $154.85 million in positions wiped out, of which 85.44% were long positions.
Ethereum followed with $97.65 million in liquidations, with longs accounting for 77.97%. Solana saw $23.12 million liquidated, with 68.67% being longs.
The concentration of long liquidations suggests that many traders had positioned for continued upside, only to face a sudden market downturn. This type of forced selling can amplify price declines, creating a feedback loop that accelerates volatility.