Crypto Traders Wiped Out in $245M Market Squeeze

Leveraged crypto traders were caught in a sharp squeeze over the past 24 hours, resulting in roughly $245 million in perpetual futures positions being forcibly closed across major exchanges.

The bulk of the damage hit long positions, indicating that a sudden downward move blindsided a market that had grown increasingly confident in continued upside. The liquidation figures paint a picture of crowded positioning unwinding rapidly.

Ethereum bore the heaviest losses among major tokens, followed by Bitcoin and Solana, with more than eight in ten forced closures on Solana being long positions.