Cryptocurrency liquidations exceed $383 million in 24 hours: short traders' panic

The cryptocurrency derivatives market is experiencing significant turbulence. In the last day, total liquidations reached $383 million, marking a period of considerable volatility where traders betting on a market decline were the most affected. According to data provided by CoinGlass, pressure on short traders is evident and concerning.

Shorts Under Pressure: $256 Million in Liquidations

The liquidation drama mainly falls on bearish speculators. Of the total $383 million, no less than $256 million were forced liquidations of short positions, accounting for nearly 67% of the total liquidation volume. In contrast, long positions were liquidated for just $127 million. This disparity clearly shows capitulation among traders betting against the market, possibly surprised by unexpected bullish movements.

Bitcoin and Ethereum Lead in Liquidation Volume

When breaking down by asset, Bitcoin accounts for the majority of the pain. BTC liquidations totaled $194 million, solidifying its position as the main source of liquidations during this period. Ethereum, on the other hand, recorded liquidations of $98,509,200, making it the second most affected asset. Together, these two assets represent over 75% of the total liquidation volume, highlighting that the largest market movements occur where leverage and volume are highest.

Record Number of Affected Participants: 87,431 Traders Liquidated

The scale of the event is remarkable due to the number of people involved. A total of 87,431 traders were liquidated during this 24-hour period, demonstrating how widespread the impact was on the leveraged trading community. The largest individual liquidation occurred on the Hyperliquid platform, specifically in the BTC-USD pair, where a trader lost $13,334,600 in a single trade. This singular event illustrates the extreme risks faced by those using multiple levels of leverage without proper risk management.