The crypto derivatives market saw more than $86 million in futures liquidations over the past 24 hours, with leveraged longs in Bitcoin and Ethereum absorbing the heaviest losses. According to data cited by BitcoinWorld, BTC liquidations reached $48.37 million, of which 83.93% were long positions. ETH followed with $29.91 million in liquidations and 70.75% coming from longs. The forced closure of these bullish positions points to a pullback or volatility burst that caught overleveraged traders off guard.
In a notable divergence, the token AKE recorded $8.45 million in liquidations, but 88.56% of those were short positions. This indicates a sharp upward price move that squeezed bearish traders, potentially triggering additional buying pressure as shorts covered. Such a split between major assets and smaller tokens often reflects asset-specific catalysts or concentrated trading activity.
Separately, Bitcoin perpetual futures data from Binance, OKX, and Bybit showed a slight bearish tilt among derivatives traders. The aggregate long/short ratio stood at 49.99% long versus 50.01% short. Binance reported 48.71% long and 51.29% short, OKX showed 48.4% long and 51.6% short, and Bybit posted 48.87% long versus 51.13% short. The near-even split suggests cautious positioning rather than an overwhelming bearish consensus, but it also highlights the potential for a short squeeze if spot BTC moves higher. Perpetual futures remain a major source of crypto derivatives volume, making these long/short ratios a key sentiment indicator.
