TokenPost.ai
Crypto derivatives traders saw a fresh wave of forced liquidations over the past day, with data suggesting a largely two-sided washout overall but a sharp, short-lived burst of ‘short squeeze’ dynamics in the most recent hours.
Across the last 24 hours, roughly $176.17 million in leveraged positions were liquidated in the cryptocurrency market, based on aggregated ticker-level figures. Long liquidations totaled about $89.45 million, edging out short liquidations at around $86.72 million—close to evenly split, indicating no overwhelming directional consensus during the period.
That balance shifted materially in the most recent four-hour window. Exchange-by-exchange data showed $13.11 million in liquidations, dominated by shorts at $11.55 million, or 88.07% of the total. The concentration of short liquidations points to upward price pressure—however modest—being sufficient to push over-leveraged bearish positions past margin thresholds, accelerating a reflexive rebound.
Binance led liquidations over the past four hours with $5.34 million, representing 40.75% of the total, and shorts accounted for $4.41 million (82.51%). Bybit followed with $3.14 million, where short liquidations made up an even more pronounced 94.92%. Gate posted $1.75 million, OKX recorded $1.30 million, and Bitget saw about $0.98 million. Notably, Hyperliquid and Lighter registered 100% of their reported liquidations on the short side, reinforcing the view that the latest move was driven more by a squeeze in bearish positioning than by a broad risk-off selloff.
By asset, Bitcoin (BTC) remained the focal point of liquidation activity. BTC traded around $118,000, up roughly 0.3% over 24 hours, yet liquidation flows were heavy on both sides: in the past hour, about $13.16 million in longs and $11.25 million in shorts were liquidated; over four hours, $53.49 million in longs and $51.33 million in shorts; and over 24 hours, $61.78 million in longs versus $60.68 million in shorts. Separate heatmap-style readings also placed BTC at the highest liquidation intensity over 24 hours, at roughly $18.99 million.
Ethereum (ETH) was comparatively steady near $3,297, but still posted notable derivatives cleaning. Over 24 hours, ETH liquidations totaled roughly $0.99 million on the long side and $0.89 million on the short side. In the 24-hour liquidation heatmap, ETH ranked second behind BTC at about $10.98 million, underscoring how liquidations remain concentrated in the market’s two largest benchmark assets even when spot moves appear contained.