Nearly a billion dollars in crypto positions were forcibly closed in a single day. According to CoinGlass data, $967 million in derivatives liquidations hit the market over the past 24 hours, with the overwhelming majority coming from traders who bet prices would go up.
Long positions accounted for roughly $849 million of that total, or about 88%. The remaining liquidations came from short sellers.
Ethereum takes the biggest hit
In a somewhat surprising twist, Ethereum led the liquidation charts with $309 million in forced closures. Bitcoin came in second at approximately $246 million. That means ETH traders absorbed more pain than BTC traders despite Bitcoin being the asset that typically dominates these events.
Bitcoin was trading around $109,200 at the time, representing a decline of more than 6% over the week. That drop followed a fall to $112,000 earlier in the same week, meaning this was actually the second major long squeeze in just a few days.
