$106 Million Crypto Liquidations Hit Shorts as Market Holds Firm

Crypto derivatives traders saw a fresh wave of forced unwinds over the past day, with roughly $106.47 million in leveraged positions liquidated as prices held firm or staged a mild rebound—an outcome that hit bearish bets disproportionately and underscored the market’s still-fragile positioning.

According to liquidation data aggregated by CoinGlass, long liquidations totaled about $36.43 million over the past 24 hours, while short liquidations reached roughly $70.04 million. Shorts accounted for about 65.8% of the total, suggesting that traders positioned for downside were caught offside as major tokens avoided a deeper selloff.

In the most recent four-hour window, total liquidations came to approximately $30.38 million. Binance led the tally with about $14.34 million—around 47.19% of the total—though the exchange’s liquidations were dominated by longs at roughly $11.18 million (77.99%). Hyperliquid followed with about $4.61 million (15.18%), then OKX with $3.81 million (12.55%) and Bybit with $3.01 million (9.91%). While long liquidations were the majority on most venues, HTX showed a slight tilt toward shorts (51.83%), and CoinEx posted an even higher short share (68.99%), pointing to localized ‘short squeeze’ pressure during a brief upswing. Aster stood out for extreme one-sidedness, with about 98.46% of its roughly $465,000 in liquidations coming from long positions.

By asset, Bitcoin (BTC) and Ethereum (ETH) remained at the center of the liquidation heatmap, reflecting their role in driving broader market volatility. Over the past 24 hours, Bitcoin saw about $72.17 million in liquidations, while Ethereum recorded roughly $61.99 million. Other assets collectively accounted for around $23.17 million, with notable altcoin liquidations including VELVET at about $10.09 million, XYZ:CL at $8.67 million, Solana (SOL) at $7.98 million, and BEAT at $6.05 million.

Bitcoin was last indicated at $100,071, up about 0.13% over 24 hours. Liquidation splits, however, suggested a sharp short-covering impulse during the intraday move: in the past hour, short liquidations of roughly $37.79 million exceeded long liquidations of about $26.45 million. Over the full 24-hour period, CoinGlass data showed short liquidations near $31.01 million versus around $7.64 million for longs, reinforcing the view that a meaningful share of the price resilience came from forced exits among bearish traders.

Ethereum traded around $3,467, down approximately 0.74% on the day, yet it still registered an intense burst of short liquidations in shorter time frames. Over a four-hour window, ETH shorts liquidated for roughly $42.29 million, far above long liquidations near $12.46 million—an indication that volatility accelerated even as spot direction remained mixed.

Among major altcoins, Solana rose about 1.57% to $167.1, while XRP gained roughly 1.78% to $2.31. Sui (SUI) outperformed with a 4.15% advance, and Dogecoin (DOGE) climbed about 1.13% to $0.3474. Dogecoin’s liquidation profile leaned heavily toward shorts—about $23,170 in short liquidations versus roughly $6,590 in long liquidations over 24 hours—suggesting that upside moves were amplified by ‘short covering’ rather than broad, unlevered demand.

Elsewhere, Zcash (ZEC) fell about 1.89%, while CL dropped roughly 4.19%, making it one of the weaker performers among widely tracked names. CL’s presence near the top of the liquidation rankings—around $8.67 million—implied that price weakness coincided with elevated leverage stress.

Smaller tokens also showed pockets of leverage-driven churn. OPAT, for example, recorded liquidations of about $84,080 in longs and $71,010 in shorts over the past hour, and roughly $75,540 in longs against $94,870 in shorts over 24 hours—relatively high figures for a non-major token and a sign that leverage was concentrated in thinner markets.

Liquidations occur when leveraged traders can no longer meet margin requirements and exchanges force-close positions, often accelerating price moves. With shorts making up the bulk of the day’s liquidations across tickers, the latest data suggests that the market’s near-term risk has shifted toward sudden rebound-driven squeezes, even as leading assets send mixed directional signals.