Crypto Selloff Erodes $370M in Long Positions, BTC and ETH Pull Back

Crypto Markets See $514M in Liquidations as Longs Take the Brunt

Crypto markets experienced one of the largest leverage resets in weeks over the past 24 hours, with over $514 million in positions liquidated after a sharp intraday swing forced selling across major derivatives venues.

According to CoinGlass, long positions accounted for $376 million of the total—nearly three times the $138 million in short liquidations—underscoring how heavily traders had bet on continued upside before the reversal. More than 155,000 traders were liquidated, including a single $23.18 million BTC perpetual position on Hyperliquid.

Exchanges Hit Hardest

• Binance: $144.6 million in liquidations, 76% long
• Hyperliquid: $115.8 million, 83% long
• Bybit: $109.3 million, 72% long

Combined, these three exchanges accounted for roughly 72% of all forced unwinds.

The skew toward long-side liquidations reflects a market that had grown increasingly one-sided following Bitcoin’s rebound earlier in the week, with traders leaning into bullish positions even as liquidity across BTC and major altcoins remained patchy.

The liquidation event came after sessions of rising open interest and elevated funding rates—conditions that often precede sharp resets when momentum stalls. Liquidation cascades amplify volatility by closing underwater positions at market prices, adding to sell pressure during downturns.

Analysts note that long-side flushes can also act as healthy clearing events, removing excess leverage and allowing markets to stabilize, provided key technical support levels hold.

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