In the past 24 hours, the cryptocurrency market has witnessed a significant shake-up with leveraged positions worth $1.09 billion being liquidated. According to data from CoinGlass, a staggering 181,077 positions were closed, with the largest single transaction involving an Ethereum position valued at $19.98 million, executed on the Hyperliquid platform.
Long Positions Bear the Brunt
The liquidation breakdown reveals that $930.54 million came from long positions, while $161.85 million was from short positions. Consequently, approximately 85% of the losses were sustained by investors on the bullish end of the spectrum. The data suggests that the downturn was primarily due to the unwinding of leveraged long bets rather than a typical short squeeze.
CoinGlass data highlights that most of the recent liquidations were concentrated in long positions, pointing to an initial sharp downward market correction.
The daily chart indicated that the final bar exceeded $1.2 billion, predominantly driven by long positions. This represents the highest daily figure since August 20, when the market soared to nearly $3 billion. The previous notable increase on September 22 remained around $1.1 billion.
Bitcoin Retreats to $82,000 Range
Bitcoin‘s price recently fell from approximately $86,000 to around $82,000. Following the selling wave, the situation changed slightly in the last few hours, with about $46.29 million in short positions and $11.08 million in long positions being liquidated over the past 12 hours.
In the latest four-hour segment, total liquidations amounted to $16.64 million, with short positions accounting for $13.39 million of this figure, highlighted by Hyperliquid’s near-total 99.96% ratio. Known for its high-leverage transactions, Hyperliquid is notable for its distinct price movements during market volatility.
Limited Recovery in Recent Hours
Live data has shown numerous short positions in ZEC closing around $1,234, indicating signs of price recovery from the lows and some degree of short squeezing. Despite this, the movement hasn’t confirmed a robust trend reversal yet.
Initially, long positions were forcefully liquidated, followed by a more constrained short squeeze as the market reacted with a rebound.
The hourly liquidation total falling to $5.60 million in the last hour suggests the market is currently stabilizing. Although significant liquidation days can sometimes pave the way for short-term directional shifts, Bitcoin’s trajectory between $80,000 and $82,000 will be critical going forward. Should this range hold and short liquidations persist, a recovery towards $86,000 might be conceivable. An adverse breach could trigger another wave of long position liquidations.
