Long Liquidations Dominate: Over $646 Million in Positions Wiped Out in 24 Hours

The derivatives market is sending a stark warning to traders. New data from Coinglass reveals a brutal 24-hour period where liquidations across crypto futures platforms totaled $777 million—a significant chunk of the day’s trading volume and volatility.

The Breakdown: Who Got Rekt?

Long position holders took the hardest hit, with $646 million wiped from their accounts. That’s roughly 83% of the total liquidation volume. Short sellers fared better in relative terms, experiencing $131 million in liquidations. This disparity tells an important story: bullish traders were caught off guard, suggesting a sharp pullback or bearish rejection at resistance levels.

What This Means

When you see long liquidations dominating by such a wide margin, it typically signals that:

• Leverage is being de-risked aggressively across the market
• A significant price rejection occurred, likely at a key resistance zone
• Retail traders (who tend to go long more often) may have been over-leveraged
• Market structure is shifting, favoring more cautious positioning

The $24 million spread between different derivatives platforms reflects varying liquidity levels and risk management practices across exchanges.

The Bigger Picture

These liquidation cascades aren’t just noise—they’re a signal of where the market’s pain points are. When positions are flushed this aggressively, it often creates fresh support/resistance levels that traders will watch closely in subsequent sessions.