The latest cryptocurrency market selloff has triggered approximately $1.53 billion in leveraged liquidations over 24 hours, with bullish traders bearing most of the damage as Bitcoin, Ethereum and other digital assets declined following Binance’s security breach.
CoinGlass data shows that positions betting on higher prices accounted for 83.8% of all forced closures, resulting in roughly $1.29 billion in losses for long traders.
Liquidations accelerated during the most recent 12-hour period, reaching approximately $1.37 billion. Long positions represented around $1.23 billion of that amount, highlighting the scale of pressure on traders expecting a market recovery.
The downturn followed Thursday’s security incident at Binance, which the exchange estimates had a financial impact of approximately $6.3 billion in crypto assets. Binance has pledged to reimburse affected parties and temporarily suspended deposits and withdrawals while completing security reviews.
Bitcoin dropped to nearly $76,460 before bouncing back toward $78,500. Ether briefly slipped below $2,200 before recovering to approximately $2,240. Solana, XRP and Dogecoin also faced selling pressure.
Leveraged positions allow traders to control larger amounts of cryptocurrency using a smaller initial deposit as collateral. When prices move sharply against a position, exchanges automatically close the trade to prevent additional losses.
These forced closures can intensify market volatility. Liquidating a long position typically results in a sell order, adding further downward pressure when prices are already falling.
BTC and ETH Lead $1.53 Billion Liquidation Wave
Bitcoin positions generated approximately $499 million in liquidations, making BTC the largest contributor to the latest wave of forced closures. Ethereum followed with $358 million, putting their combined share above half of the overall market total.
Solana accounted for another $82.6 million, while XRP and Dogecoin recorded approximately $38.1 million and $18.6 million, respectively.
Binance experienced the largest exchange-level liquidation volume, with approximately $754.6 million in forced closures. This represented 49.2% of all liquidations across the market, including around $670.6 million in long positions.
Hyperliquid recorded $251.4 million in liquidations, while Bybit followed with $186.5 million.
The largest single liquidation identified by CoinGlass involved an $11 million Bitcoin long position on Binance.
Market Rebound Puts Short Traders Under Pressure
As cryptocurrency prices began recovering from their lows, traders betting on further declines also started experiencing forced closures.
During the latest four-hour period, short positions accounted for $57.3 million of the $85 million in liquidations. The imbalance became even more pronounced over the most recent hour, when short liquidations reached $20.6 million out of a total $21.6 million, representing approximately 95%.
Closing a short position requires traders to buy back the cryptocurrency they previously sold. When multiple short positions are liquidated simultaneously, the resulting buying activity can support prices and strengthen an ongoing recovery.
The latest figures indicate that liquidation pressure is shifting. Bullish traders suffered the largest losses during the initial decline, but the rebound is now creating increasing risks for those positioned against the market.
