Crypto Liquidations: $336M Longs, $261M Shorts, $29.9M Wipeout
Coinglass data shows significant crypto liquidations over two consecutive 24-hour periods, totaling $336 million in the first period and $261 million in the second. Initial liquidations hit $336 million—$215 million in long positions and $122 million in shorts—liquidating 127,434 traders, with Hyperliquid’s BTC-USD market seeing a $4.9 million wipeout. In the following 24 hours, liquidations amounted to $261 million, led by $150 million of short positions versus $111 million in longs across 101,147 forced closeouts, highlighted by a record $29.98 million short squeeze on Hyperliquid’s BTC-USD contract.
This shift in crypto liquidations from heavy long unwinds to pronounced short squeezes underscores heightened market volatility and suggests potential bullish momentum for Bitcoin. Traders should monitor funding rates, support levels and leverage exposure to manage risk and capitalize on possible price rebounds driven by forced buy-ins amid ongoing swings.
Bullish
While the initial surge in crypto liquidations was driven by heavy long unwinds—signaling bearish pressure—subsequent liquidations shifted toward short positions, resulting in a record $29.98 million Hyperliquid BTC-USD wipeout. This pronounced short squeeze implies forced buy-ins that can fuel upward price momentum in Bitcoin. In the short term, traders may see bullish rallies as short-covering increases demand, but high leverage and persistent volatility could limit sustained gains. Over the long term, managing funding rates and support levels remains crucial to mitigate risk during market swings.