Long positions wiped out in a bloodbath, the risk behind $287 million liquidation in 24 hours

In the past 24 hours, the crypto market’s liquidation volume reached $287 million, including $241 million from long positions and $46.3 million from short positions. This figure reflects not only pure losses but also signals of market structural risk—long liquidations far exceed short liquidations, indicating that the bullish forces in the market have suffered a heavy blow.

Liquidation Data Overview

According to the latest news, the liquidation situation over the past 24 hours shows a clear imbalance between longs and shorts:

Specifically, for mainstream cryptocurrencies, Bitcoin and Ethereum’s liquidation figures are even more prominent:

• Bitcoin long liquidations of $60.76 million, short liquidations of $9.49 million
• Ethereum long liquidations of $73.82 million, short liquidations of $8.34 million

This data indicates that market bullish investors have borne losses far exceeding those of bears. The largest single liquidation occurred on Hyperliquid’s BTC-USD contract, with a scale of $3.6396 million.

Market Risk Signals

Severe Long-Short Imbalance

Long liquidations account for over 83%, which is not normal market fluctuation but a clear risk signal. This implies:

• Excessive accumulation of long positions with high leverage risk
• When prices face downward pressure, long investors face significantly higher liquidation risks than shorts
• Such structural imbalance can easily trigger chain reactions of liquidations

Clearer Liquidation Pressure Levels

According to relevant information, if Bitcoin drops below $92,000, the cumulative liquidation strength of major CEXs for longs could reach $1.135 billion. This means that around this price level, a large number of long positions are waiting to be liquidated. In contrast, if Bitcoin breaks through $95,000, short liquidations would only reach $678 million. The pressure on longs is evidently greater.

Market Sentiment Turning Bearish

Latest data from major CEXs and DEXs’ funding rates show that the market is shifting towards a bearish bias again. This aligns with the recent large-scale long liquidations—investors are adjusting their positions from bullish to bearish or cautious.

Key Risks Moving Forward

Critical Price Levels

According to relevant information, Bitcoin has multiple dense liquidation zones between $91,000 and $95,000. Price fluctuations within this range could trigger a new wave of liquidations. Breaking through these key levels may trigger larger chain reactions.

Accelerated Withdrawal Signals

Recent 24-hour data shows that CEXs have a net outflow of 5,784.60 BTC and 129,100 ETH. Large withdrawals often reflect cautious investor sentiment and may also be preparations for potential price volatility.

Whales’ Position Changes

According to relevant information, Hyperliquid’s whale addresses are currently holding ETH with 5x leverage at a price of $3,147.39, with unrealized P&L at -$14.6419 million. Such extreme leveraged positions are most prone to liquidation during market volatility.

Summary

The $287 million liquidation in the past 24 hours fundamentally reflects an over-concentration of long positions and excessive leverage risk in the market. Long liquidations account for over 83%, with liquidation pressure concentrated on the bullish side, forming an unstable market structure.

The current market is in a sensitive phase: funding rates turning bearish, accelerated withdrawals, extreme whale leverage positions—all are risk signals. Any breakthrough around key levels of $91,000 to $95,000 could trigger a new wave of liquidations. Traders should pay close attention to position management and risk control during this period and avoid being misled by any one-sided volatility.