Over the past 24 hours, the crypto perpetual futures market has witnessed approximately $104 million in total liquidations, with long positions bearing the overwhelming majority of the pain. Data from major exchanges indicates that Bitcoin (BTC) and Ethereum (ETH) were the epicenters of the rout, jointly accounting for over $96 million of the liquidated value.
The breakdown is stark: 94.51% of BTC liquidations and 90.63% of ETH liquidations stemmed from long traders, signaling a sharp, sudden price drop that caught bullish leveraged positions off guard. This pattern is typical of a long squeeze, where cascading margin calls force automated selling and amplify the downward move.
In a contrasting development, gold futures (XAU) experienced a short squeeze, with $6.88 million in liquidations—87.29% of which were shorts. This suggests safe-haven demand or a price pop surprised traders betting on gold’s decline, highlighting a divergence between crypto and traditional assets.
While the $104 million figure is notable for retail traders, it remains modest compared to historical extremes (e.g., $8 billion in a single day in May 2021). The event reflects a routine market adjustment rather than a systemic crisis, but it underscores the perils of high-leverage trading in volatile conditions.
