Crypto Markets Suffer $150M Long Position Liquidation Spree

Crypto markets experienced a significant shakeout over the past 24 hours, with over $150 million in long positions liquidated across major perpetual futures contracts. Bitcoin traders 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 and altcoins followed suit, with Ethereum seeing substantial losses, including $56.65 million in futures liquidations. 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 data reflects a classic long squeeze scenario, where a sudden price drop forced a chain reaction of margin calls and forced closures, amplifying the downward move. The current market sentiment remains fragile, with many market participants positioned for a breakout to the upside, which has yet to materialize.