Yeliz Akmaca 
Crypto markets have faced a sharp liquidation phase in the past hours. Total liquidations in derivative markets have exceeded $1 billion. The move was driven not by sudden news, but by long-standing high leverage positions.
Prices retreated. Bitcoin fell below $76,000. Ethereum dropped under $2,300. Solana failed to break the $100 threshold. Trades below these levels were driven more by forced position closures than regular selling.
Bitcoin Below $76,000: Liquidations Dominate
As Bitcoin fell below $76,000, short-term derivative positions rapidly unwound. Crypto liquidation heatmaps show the highest activity occurred in BTC contracts.
According to data shared by CoinGlass, over 435,000 traders closed their positions in the last 24 hours, with total liquidations reaching $2.58 billion. Of this, $2.42 billion came from long positions.
This indicates the movement was less about strong spot selling and more about high-leverage long positions reaching their limit. Liquidations triggered faster in bands with concentrated short-term long positions.
Ethereum Fails to Hold $2,300
Ethereum also struggled. The $2,300 level had served as a key reference in derivatives markets. Falling below this level triggered stop orders, increasing liquidation volume. A single $222 million Ethereum liquidation on Hyperliquid highlighted the intensity of selling pressure. Data shows Ethereum’s drop was driven primarily by unwinding in futures rather than spot selling, keeping short-term price movements volatile.
Solana fell under $100, accelerating liquidations in leveraged positions. This level was closely watched both technically and psychologically.
Liquidation data shows long positions dominated in Solana as well. Falling below this threshold reduced short-term trading volume while increasing volatility.
Last 4 Hours: Exchange Liquidation Distribution
In the past four hours, total liquidations reached $20.7 million, with around 76% from long positions.
In the last hour, $13.81 million in total liquidations occurred, with $12.63 million still concentrated on longs. This shows short-term traders tried to maintain bullish expectations. Over the four-hour period, liquidations rose to $25.48 million, making selling pressure more noticeable.
Interestingly, over the 12-hour period, $130.93 million in liquidations was split nearly evenly: $63.48 million long, $67.45 million short, indicating uncertainty in market direction.
Exchange Breakdown:
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Binance: $7.36M – 70%+ long
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OKX: $3.85M – long-heavy
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Gate: $2.94M – ~90% long
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Bybit: $2.83M – predominantly long
This distribution shows the market was caught off-guard and risk was concentrated in one direction.
Market Outlook
The current picture indicates the crypto market has not yet stabilized. Volatility is unlikely to subside until leverage ratios decrease. However, liquidation of high-risk crypto positions could provide a healthier foundation for prices going forward.
In the short term, the key factor will be whether aggressive positioning resumes in crypto derivatives markets.
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