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Roughly $245.89 million in leveraged crypto positions were liquidated over the past 24 hours, as a mild pullback across major tokens forced a wave of long bets to unwind and briefly lifted market volatility indicators.
Liquidation heatmap data showed Bitcoin (BTC) and Ethereum (ETH) driving the bulk of the wipeout. BTC accounted for about $104.51 million in liquidations, while ETH recorded about $79.69 million. TON followed with roughly $18.91 million, and Dogecoin (DOGE) saw about $8.35 million.
The TON figure was described as unusually large relative to its overall market-cap footprint, suggesting concentrated leverage rather than broad spot selling.
In the most recent four-hour window, total liquidations reached $23.62 million. Long liquidations dominated at $19.36 million (81.99%), compared with $4.25 million (18.01%) for shorts, according to CoinGlass data.
By venue, Binance led with $10.34 million liquidated (43.79% of the four-hour total). Within that, long positions made up $8.15 million (78.82%). Bybit recorded $3.83 million (16.23%), and Hyperliquid logged $3.53 million (14.95%).
Hyperliquid stood out for an extreme tilt: longs comprised 94.66% of its liquidations. OKX reported $1.54 million in liquidations, split more evenly between longs ($0.81 million) and shorts ($0.73 million), indicating a comparatively more neutral flow than peers.
BTC traded around $97,915, down approximately 0.21% over 24 hours, while posting about $107.64 million in total liquidations—roughly $67.67 million from longs and $39.97 million from shorts.
In the one-hour breakdown, liquidations were nearly symmetrical, with about $16.44 million in long liquidations and $16.48 million in short liquidations. The article linked this pattern to rapid two-way swings that can trigger stop-outs on both sides even when the net price move appears modest.
While ETH’s coin-by-coin breakdown was not disclosed in the same table, its $79.69 million in heatmap liquidations placed it as the second-largest driver of derivatives stress, reinforcing its role as a core barometer for “liquidity conditions” in major markets.
TRON (TRX) was highlighted on price, rising about 0.39% to $0.278, with a relatively balanced liquidation profile—about $90,000 in long liquidations versus $80,000 in shorts—suggesting less one-sided leverage compared with the broader market.
CoinGlass data also pointed to notable liquidations in thinner, non-core instruments, including NIL (about $7.88 million), LAB (about $6.84 million), and XYZ:BRENT OIL (about $6.42 million), indicating that leverage stress was not confined solely to top-tier crypto pairs.
The article characterized the episode as a market where “rebound expectations” had become crowded in leveraged longs, and that even a limited downturn on spot charts was enough to force rapid deleveraging—especially on Binance, Bybit, and Hyperliquid.
It noted that liquidation events occur when margin levels no longer meet exchange requirements, triggering forced position closures. The long-heavy skew in this episode was described as a signal of elevated “positioning risk” and fragile short-term market structure.
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