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

Crypto markets absorbed one of their largest leverage resets in weeks in the past 24 hours with more than $514 million in positions liquidated over 24 hours as a sharp intraday swing triggered forced selling across major derivatives venues.

Data from CoinGlass shows that longs accounted for $376 million of the total, nearly three times the $138 million in short liquidations in an indication of how heavily traders were positioned for continued upside before the move reversed.

More than 155,000 traders were liquidated, with the single largest order — a $23.18 million BTC position — wiped out on perpetuals venue Hyperliquid.

Binance, Hyperliquid and Bybit bore most of the impact. Binance saw $144.6 million in liquidations, 76% of them longs. Hyperliquid recorded $115.8 million in liquidations, with an even steeper 83% long share. Bybit followed at $109.3 million, with 72% long-side liquidations.

Together, the three exchanges made up roughly 72% of all forced unwinds.

The skew reveals a market that had become increasingly one-sided after bitcoin’s rebound earlier in the week, with traders leaning into upside continuation even as liquidity remained patchy across BTC and major altcoins.

Such a wipeout follows several sessions of rising open interest and elevated funding rates — conditions that often precede sharp resets when price momentum stalls.

Liquidation cascades amplify volatility by forcing underwater positions to close at market prices, deepening sell pressure during downswings.

Still, analysts often view large long-side flushes as healthy clearing events that remove excess leverage and allow markets to stabilize, provided key technical levels hold.