Crypto Longs Lose $365M in 24-Hour Liquidation Wave

Over $432 million in crypto positions were forcibly closed across major exchanges within 24 hours, with long positions accounting for roughly $365 million of the total, according to CoinGlass data reported by Phemex News.

Short liquidations totaled $66.8 million. The ratio of long to short liquidation volume came in at about 5.5 to 1, a sign that the market was heavily tilted toward bullish bets before the unwind.

CoinGlass data pegged the number of affected traders between 100,000 and 130,000. Bitcoin and Ethereum perpetual futures absorbed the largest share of the forced closures, consistent with their dominance in derivatives volume.

This was not the largest liquidation event of 2026. Similar-scale waves occurred multiple times between May and July, with single-day totals ranging from roughly $498 million to over $900 million, per CoinGlass records.

No single exchange, protocol, or headline triggered the move. The unwind appears to have been driven by broad selling pressure rather than a specific point of failure.