The crypto market just served up a $439 million reminder that leverage is a double-edged sword. Over the past 24 hours, liquidations swept through the market with an unusual twist: long and short positions were wiped out in nearly equal proportions, according to data from Coinglass.
That kind of symmetry is genuinely uncommon. Most liquidation events skew heavily in one direction, typically crushing longs during selloffs or punishing shorts during rallies.
The numbers behind the carnage
More than 100,000 traders saw their leveraged positions forcibly closed during the 24-hour window.
The largest single liquidation was a roughly $4.97 million BTCUSDT perpetual position on Binance.
