The crypto derivatives market just handed leveraged bulls a painful reminder of how quickly things can unravel. In the span of a single hour on September 10, roughly $129 million in positions were forcibly closed across major exchanges, according to data from Coinglass.
Long traders absorbed almost all of the damage
Of the $129 million total, long positions accounted for $122 million in liquidations. Short sellers, who bet on prices falling, lost roughly $7.3 million.
Ethereum took the sharpest hit by asset, with roughly $49 million in liquidations. Bitcoin positions followed at approximately $35 million, with the remainder spread across altcoins and other derivatives contracts.
Bitcoin itself was trading around $77,000 on the day, down about 1.9%. The broader market reflected the same pressure. Total crypto market capitalization fell approximately 1.8% to $2.71 trillion.
