Crypto markets recorded $967 million in liquidations over the past 24 hours, with overleveraged long positions bearing the brunt of the force closures. According to CoinGlass data, $849 million-or 88%-of those liquidated positions were longs, while shorts accounted for the rest.
Ethereum, not Bitcoin, took the hardest hit. ETH led the liquidation tally at $309 million, compared to Bitcoin’s $246 million. The wipeout comes amid a sharp decline in Bitcoin’s price, which fell to $109,200, down more than 6% for the week. That followed an earlier dip to $112,000, marking the second major long squeeze in a matter of days.
On-chain analytics firm Glassnode noted that such deleveraging events can be constructive. A reset in market positioning could reduce the risk of further cascading declines. The critical indicator going forward is open interest: a rapid rebuild would signal that traders are immediately re-leveraging, setting up conditions for another squeeze. A gradual recovery, however, would point to a healthier market structure.