Crypto long positions took the hardest hit. Around $730 million of the liquidations came from traders betting on higher prices. Short positions accounted for about $27.6 million during the same period.
In the past 24 hours, liquidations climbed further. CoinGlass data shows 241,172 traders were liquidated worldwide, with total losses reaching about $864 million.
The numbers point to a market that was heavily positioned on one side.
Most of the damage came from long trades. These are positions that profit when prices rise. When prices fell instead, exchanges closed those positions automatically to limit losses.
Bitcoin and Ether led the liquidations. Over the last day, Bitcoin liquidations crossed tens of millions of dollars. Ether followed closely behind.
Smaller assets were also affected. Solana, XRP, Dogecoin, and several altcoins saw steady liquidations as prices slipped.
The largest single liquidation order occurred on Hyperliquid. A BTC USDT position worth about $25.8 million was forced closed, according to CoinGlass.
For beginners, liquidation means the exchange steps in. It closes a trade when losses grow too large and the margin runs out.
Hyperliquid recorded the highest share of liquidations in the four-hour window. More than $51 million in positions were closed on the platform, with longs making up nearly all of it.
Bybit, Binance, Gate, and Bitget also saw large liquidation volumes. Across most exchanges, over 90 percent of liquidated positions were long trades.
This pattern suggests traders were crowded on the same bet. When prices dropped, the exits became swift and painful.
CoinGlass liquidation heatmaps showed intense activity across major pairs, especially BTC and ETH, during the sell-off.
Large liquidation spikes often lead to increased short-term volatility. Forced selling can push prices lower before markets stabilize.
At the same time, heavy liquidations can reset leverage. Once excess risk is cleared, markets often find a better balance.
For now, CoinGlass data shows traders are being reminded of a core rule in crypto. Leverage cuts both ways.
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