The crypto market has been hot in the past 24 hours, with leverage liquidations reaching $122.2 million, which is about 1.66 trillion Korean Won. Among these liquidations, short positions took the biggest hit—accounting for 78.7%, while longs only made up 21.3%.

Let's take a look at the situation across different exchanges. Hyperliquid experienced the most intense liquidations in the past 4 hours, losing $72.2 million, which accounts for 33.9% of all liquidations. Even more astonishing, 99.58% of this was from short positions being liquidated. A major exchange followed closely, with $69.5 million in positions liquidated, with short positions making up 75.11%. Bybit also saw about $40.5 million in liquidations, with an even higher short proportion of 85.11%.

Interestingly, BitMEX only liquidated shorts, while Bitfinex remained relatively quiet.

By coin, Bitcoin (BTC) was hit hardest. About $56.22 million worth of BTC positions were liquidated in 24 hours. In the past 4 hours alone, long positions in BTC were liquidated for $2,268,200, while shorts saw $10.98 million liquidated. Ethereum (ETH) was not spared either, with approximately $46.68 million in positions liquidated within 24 hours. Solana (SOL), although data was truncated, was obviously involved as well.

This wave of liquidations reflects intense market volatility, with stop-loss orders triggered in waves among leveraged traders. The massive liquidation of shorts suggests the market may be gearing up for a rebound or that bulls are gaining strength.