Crypto Derivatives Face $2.2 B Liquidations as Volatility Triggers Long and Short Squeezes

Over the past 24 hours, crypto derivatives markets saw forced liquidations totaling about $2.16 billion, according to CoinGlass data. Long positions accounted for roughly 64 % ($1.38 billion) while short positions made up the remaining 36 % ($775 million). Bitcoin led the activity with $765,700 liquidated as its price fell 4.12 % to $116,871, and Ethereum saw $530,200 in liquidations as it dropped 4.03 % to $4,111. Other large‑cap assets such as Solana, XRP, BNB, and Dogecoin also experienced sizable liquidations.

In a shorter four‑hour window, a sharp spike of $39.12 million in liquidations occurred, driven almost entirely by short sellers (about 89 % short). Binance was the principal venue, responsible for $17.12 million of the total, with 87 % of its activity tied to shorts. Bybit, OKX, Hyperliquid and Gate also reported predominantly short‑driven liquidations. The contrasting patterns—a broader downtrend over 24 hours and a brief short‑covering burst over four hours—highlight the heightened leverage and rapid position turnover in the crypto market.