$81 Million Liquidations Hit Crypto as Shorts Squeezed in Mild Rebound

Crypto markets held a modestly positive tone over the past 24 hours, but derivatives flows told a sharper story: leveraged traders were forced out of positions at scale, with liquidations skewing heavily toward shorts—an early sign that a small rebound was enough to trigger a localized 'short squeeze' across major venues.

Data tracked by CoinGlass showed total liquidations of roughly $81 million over the past day. Bitcoin (BTC) rose 1.6% to about $116,900, while Ethereum (ETH) edged 0.1% lower to around $3,830. Among large-cap tokens, XRP climbed 2.0%, Solana (SOL) added 1.3%, Sui (SUI) gained 3.2%, and Pepe (PEPE) jumped 4.5%, outperforming the broader market despite relatively restrained moves in BTC and ETH.

In the most recent four-hour window, aggregate exchange liquidations reached approximately $32 million. Shorts accounted for $21.24 million, or 66.39% of the total, compared with $10.76 million in long liquidations—an imbalance that typically appears when markets grind upward against a bearish positioning build.

By exchange, Binance led with about $13.83 million in liquidations, of which $9.14 million (66.05%) were short positions. OKX followed with roughly $5.11 million, where long and short liquidations were nearly even. Other notable venues included Asther at about $3.48 million, Bybit at $3.44 million, and Hyperliquid at $2.98 million. Several platforms showed an extreme directional flush: Asther’s liquidations were 98.11% short, with similarly concentrated short-dominant clearing reported on other smaller venues—suggesting crowded bets were unwound quickly once prices moved against them.

Over the full 24-hour period, BTC recorded the largest liquidation total at about $35.49 million, with ETH next at roughly $17.18 million. Additional large liquidation clusters were reported in SPCX ($14.78 million) and SNDK ($14.16 million), while the rest of the market accounted for about $23.70 million combined. CoinGlass also flagged liquidation activity tied to non-crypto-linked products such as XYZ:SP500 ($11.65 million), XYZ:XYZ100 ($8.87 million), and XYZ:SPCX ($8.14 million), pointing to a broader bout of de-risking in leveraged markets beyond spot crypto.

Positioning metrics across major tokens appeared relatively balanced, reinforcing the view that forced unwinds—not a clear directional conviction shift—drove much of the derivatives turbulence. For BTC, long/short ratios were close to even across multiple time frames: 50.1% long versus 49.9% short over one hour; 50.4% versus 49.6% over four hours; and 50.3% versus 49.7% over 24 hours. ETH showed a slight short tilt in the one-hour view (50.6% short), but reverted to a mild long majority over four hours (50.8% long) and 24 hours (51.0% long).

Some altcoins displayed more directional heat. SUI not only gained 3.2% over 24 hours, but also maintained a consistent long majority across the one-hour, four-hour, and daily windows—often interpreted as persistent 'buy-side' appetite. PEPE posted the strongest rise among the highlighted tokens, up 4.5%, with long positioning reaching 52.1% over one hour and 51.2% over 24 hours, indicating momentum-driven participation alongside the price move.

By contrast, Shiba Inu (SHIB) fell 2.3% yet still showed a relatively high long share across time frames—an alignment that can increase the risk of additional long liquidations if downside volatility returns. Other tokens including Avalanche (AVAX), dogwifhat (WIF), and Cardano (ADA) leaned modestly more short-term bearish, with shorts slightly outweighing longs, reflecting near-term pressure rather than broad capitulation.

The session’s key takeaway was the disconnect between relatively calm headline price action and the intensity of short-side forced exits in the four-hour window. That pattern suggests traders had positioned for weakness—or doubted the durability of the rebound—only to be squeezed as BTC and select altcoins pushed higher. At the same time, the fact that BTC and ETH topped the liquidation charts without posting outsized moves underscores how sensitive the market remains to leverage: when positioning is tight, even incremental price swings can cascade into forced closures and amplify short-term volatility.