The crypto derivatives market just served up another painful reminder that leverage is a double-edged sword. Over the past 24 hours, $271 million in total positions were liquidated across perpetual futures platforms, according to data from Coinglass.
The damage was overwhelmingly one-sided. Long positions accounted for $228.2 million of the carnage, while shorts contributed a comparatively modest $42.8 million.
Bitcoin and Ethereum led the bloodbath
Bitcoin longs took the biggest hit, with $120.2 million wiped out. That’s roughly half of all long liquidations in a single asset. Bitcoin shorts, by contrast, only saw $22.1 million liquidated.
Ethereum wasn’t far behind in the pain department. Long positions on ETH accounted for $45.7 million in liquidations, while short liquidations came in at $12.2 million.
