The cryptocurrency derivatives market experienced a massive liquidation event totaling $333.56 million within 24 hours, primarily driven by Bitcoin's 2% price surge to $122,000. Short positions bore the brunt of losses at $212.59 million compared to $120.97 million in longs, reflecting a 1.76 short-to-long ratio. This occurred after Bitcoin broke through the critical $118,000 resistance level that had held for several days.
Liquidations were concentrated on major assets, with Bitcoin accounting for $115 million and Ethereum for $93.22 million – together representing 62% of total liquidations. Exchange-specific data revealed Binance saw $120.58 million in liquidations, Bybit $103.63 million, OKX $53.82 million, Gate $33.11 million, and HTX $27.74 million. Short liquidation dominance was consistent across platforms: Binance (52.94%), Bybit (61.06%), OKX (53.28%), Gate (70.26%), and HTX (69.55%).
In a concentrated two-hour window, over $50 million in Bitcoin short positions were liquidated as prices spiked, triggering funding rate corrections that favored long positions. The largest single liquidation was a $9.14 million BTC-USDT-SWAP order on OKX. Market analysts noted this pattern aligns with retail-heavy platforms experiencing sharper short skews during sustained upward movements where crowded short entries get liquidated.