Crypto Shorts Get Crushed as $39 Million in Leverage is Wiped Out

Roughly $39.87 million in leveraged crypto positions was liquidated over the past 24 hours, according to data from CoinGlass.

The majority of these liquidations were short bets, accounting for nearly two-thirds of the total with a value of $25.59 million, suggesting that bearish positioning was crowded and vulnerable to even modest upward price movements.

Bitcoin led the way in terms of liquidation volume, with about $14.23 million cleared out over the 24-hour window, and nearly 71% of these were shorts, totaling around $10.04 million.

Ethereum followed closely behind with $10.46 million in liquidations, with about 60% attributed to short positions.