Cryptocurrency derivative markets suffered a severe deleveraging event as total liquidations reached $1.09 billion within 24 hours, according to data from CoinGlass. The forced closures affected 181,077 traders, with leveraged long positions accounting for roughly 85% of total losses.
Bitcoin’s decline from about $86,000 toward $82,000 triggered the bulk of the damage. Long liquidations reached $930.54 million, while short positions recorded $161.85 million in liquidations. Hyperliquid recorded the largest single liquidation, involving an Ethereum position valued at $19.98 million.
The event ranks among the largest liquidation episodes since August. Earlier spikes approached $3 billion on August 20 and about $1.1 billion on September 22. As Bitcoin attempted a limited recovery, short sellers came under pressure, with short liquidations reaching $46.29 million over 12 hours compared with $11.08 million for longs.
In the latest four-hour period, shorts accounted for $13.39 million of $16.64 million in total liquidations. Hyperliquid’s activity was almost entirely short-side, with bearish positions representing 99.96% of its reported liquidations. Zcash short positions also faced closures near the $1,234 level as renewed buying pressure emerged. Hourly liquidations later moderated to $5.60 million.
Bitcoin’s $80,000 to $82,000 range remains a critical zone. A sustained recovery could bring $86,000 back into focus, while further downside may trigger another wave of long liquidations.
