$81M in crypto liquidations hit leveraged shorts while Bitcoin rose 1.6%; 66% of four-hour forced exits were bearish positions, CoinGlass data showed.
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Crypto markets drew $81 million in forced liquidations over the past 24 hours, with short positions absorbing most of the damage after a modest rebound in Bitcoin and several altcoins squeezed leveraged bears.
Bitcoin rose 1.6% to about $116,900, per CoinGlass data. Ethereum edged 0.1% lower to roughly $3,830. Among large-cap tokens, XRP climbed 2%, Solana added 1.3%, Sui gained 3.2%, and Pepe jumped 4.5%. The top two coins moved in restrained fashion, so the derivatives flows carried the sharper signal.
In the most recent four-hour window, aggregate exchange liquidations reached roughly $32 million. Shorts accounted for $21.24 million, or 66.39% of the total. Long liquidations came to $10.76 million. That split typically appears when prices grind upward against a crowded bearish positioning build.
Binance led the exchange breakdown with about $13.83 million in liquidations, of which $9.14 million, or 66.05%, were short positions. OKX followed with roughly $5.11 million, where long and short liquidations ran nearly even. Asther cleared about $3.48 million and Bybit about $3.44 million. Hyperliquid came in at $2.98 million. Several venues showed an extreme directional flush. Asther's liquidations were 98.11% short, with similarly concentrated short-dominant clearing reported on other smaller platforms. The concentration suggests crowded bearish bets were caught when prices ticked up, a pattern that tends to feed on itself as shorts cover, per CoinGlass data.
Over the full 24-hour period, Bitcoin recorded the largest liquidation total at about $35.49 million, with Ethereum next at roughly $17.18 million. Additional clusters appeared in SPCX at $14.78 million and SNDK at $14.16 million, while the rest of the market accounted for about $23.70 million combined. CoinGlass also flagged liquidation activity tied to non-crypto-linked products, including XYZ:SP500 at $11.65 million and XYZ:XYZ100 at $8.87 million. XYZ:SPCX added $8.14 million. The inclusion of non-crypto products in the clearing data points to de-risking in leveraged markets beyond spot crypto, per CoinGlass.
Positioning metrics across major tokens looked relatively balanced. CoinGlass data suggests forced unwinds, not a shift in directional conviction, drove the turbulence. For Bitcoin, long/short ratios ran near even across time frames, at 50.1% long over one hour and 50.4% over four hours. The 24-hour reading sat at 50.3% long. Ethereum showed a slight short tilt in the one-hour view, at 50.6% short, then reverted to a mild long majority over four hours, at 50.8%, and 24 hours, at 51%.
Some altcoins displayed more directional heat. Sui gained 3.2% over 24 hours and held a consistent long majority in hourly and daily windows, a skew that traders read as persistent buy-side demand. Pepe posted the strongest rise among the highlighted tokens, up 4.5%, with long positioning reaching 52.1% over one hour and 51.2% over 24 hours.
The session's pattern was a disconnect between calm headline price action and the intensity of short-side forced exits. CoinGlass positioning data shows traders had positioned for weakness, or doubted the durability of the rebound, before the squeeze set in.
Shiba Inu fell 2.3% yet still carried a long share above 50% across time frames. Avalanche and dogwifhat leaned modestly more short-term bearish, with shorts slightly outweighing longs. Cardano showed a similar tilt.
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