Crypto Drop Wipes Out $370M in Bullish Bets as BTC, ETH Give Back Gains

The crypto markets experienced a significant leverage reset over the past 24 hours, resulting in over $514 million in total liquidations due to a sharp intraday price swing. Long positions accounted for the majority, totaling $376 million, nearly triple the $138 million in short liquidations, indicating traders were heavily positioned for continued upside before the reversal. Over 155,000 traders were affected, with the largest single liquidation being a $23.18 million BTC position on Hyperliquid. Binance, Hyperliquid, and Bybit were the most impacted exchanges, collectively accounting for about 72% of all forced unwinds, with long liquidations dominating on all three. This wipeout is seen as a healthy clearing event that removes excess leverage, following a period of rising open interest and elevated funding rates, which often precede such sharp resets.

(Source：CoinDesk)