In the past 24 hours, the cryptocurrency market experienced the largest leverage liquidations in weeks, with a total of $514 million in positions forcibly closed. Among these, long positions totaled up to $376 million, nearly three times the short liquidations. Data shows that after consecutive days of gains, market sentiment became overly bullish, making this correction particularly fierce.
Over 155,000 traders were liquidated, with the largest single liquidation being $23.18 million in Bitcoin perpetual contracts on Hyperliquid. Platforms like Hyperliquid became the main centers of this volatility, with liquidations across three exchanges accounting for approximately 72% of total liquidations. Among them, mainstream CEXs saw liquidations of $144.6 million, with 76% longs; Hyperliquid liquidated $115.8 million, with 83% longs; another exchange had $109.3 million liquidated, with 72% longs.
This market tremor occurred amid rising open interest and increasing funding rates, representing a typical “reset” after high leverage accumulation. As Bitcoin and Ethereum both retraced their gains, the entire market experienced chain reactions of liquidations in a low-liquidity environment, intensifying downward pressure and amplifying intraday volatility.
Analysts point out that excessive concentration of longs often indicates that the market is at risk of a technical correction, while large-scale liquidation events are generally seen as a normal part of de-leveraging. Although they cause sharp declines in the short term, such liquidations help release accumulated risks and lay a more solid foundation for subsequent trends.
Currently, Bitcoin and major altcoins remain in a high-volatility range. If key technical support levels are not effectively broken, large-scale leverage liquidations could serve as a precursor to market stabilization. However, until funding rates and open interest decline rapidly, further sharp fluctuations should still be cautioned against. (CoinDesk)
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