Crypto Derivatives Shock: $650M Liquidated in 24h as Longs Lose $584M — ETH Leads default image Derivatives markets were rocked over the past 24 hours as a sharp pullback across major cryptocurrencies triggered a wave of forced liquidations. What happened - Data from CoinGlass shows total liquidations on derivatives exchanges topped $650 million in the last day. - Long positions accounted for the lion’s share — roughly $584 million, or about 90% of the total — underscoring how concentrated losses were among leveraged bulls. Why it matters - “Liquidation” means an exchange or broker automatically closes a leveraged position that has lost enough value to hit its margin threshold. Highly leveraged trades are the most vulnerable during quick moves, so sudden swings tend to cascade into large liquidations and short-term volatility.
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