Crypto Liquidations Reach $967 Million as Long Positions Face Massive Wipeout

According to data from CoinGlass, the cryptocurrency derivatives market experienced a significant deleveraging event over the past 24 hours, with total liquidations reaching $967 million. The sell-off disproportionately affected bullish traders, as long liquidations accounted for approximately $849 million, or 88% of the total volume. Notably, Ethereum led the liquidation charts with $309 million in forced closures, exceeding Bitcoin’s $246 million. This market volatility occurred as Bitcoin traded near $109,200, representing a weekly decline of over 6%. On-chain analytics firm Glassnode noted that such deleveraging episodes often serve as a necessary market reset by clearing crowded positions and reducing the risk of cascading declines. Analysts are now monitoring open interest to determine if the market will stabilize or if traders will quickly re-leverage, potentially triggering further volatility in the near term.