Over 35 million liquidated in just 1 hour, longs are being wiped out.

In the past hour, the total liquidations across the entire network reached $35.21 million, with long positions accounting for approximately $22.83 million and short positions about $12.37 million. ETH and BTC became the main affected assets, with liquidation amounts of $10.84 million and $10.38 million respectively. What market signals does this reflect?

Analysis of Liquidation Scale and Structure

According to Coinglass data, the liquidation volume in this hour is quite significant, but what’s more noteworthy is the imbalance in long and short positions.

The amount of long position liquidations far exceeds that of shorts, indicating that long investors are under greater pressure. In the current market environment, longs are being gradually wiped out, and this asymmetric liquidation pattern often signals a shift in market sentiment.

ETH and BTC liquidation distribution

ETH’s liquidation amount is slightly higher than BTC’s, which is related to its market activity and leverage usage. According to recent information, ETH is currently priced around $3,100, down 1.57% in the past 24 hours.

ETH Price Trends and Market Context

Looking at ETH’s recent performance, there are clear short-term fluctuations:

• 1-hour increase: 0.86%
• 24-hour decrease: 1.57%
• 7-day increase: 4.03%
• 30-day decrease: 1.29%

This pattern of “long-term upward trend with short-term decline” explains why large-scale liquidations occurred in a short period. Investors accumulated substantial long positions during the 7-day rally, but the 24-hour correction triggered stop-losses and liquidations.

ETH’s current market cap is $37.415 billion, accounting for 12.11% of the crypto market. As the second-largest crypto asset by market value, its volatility has a significant impact on the entire market.

Market Signal Interpretation

Key features of this liquidation wave include:

• High long pressure: Long liquidations account for nearly 65%, indicating leveraged longs are being wiped out
• Mainstream assets impacted: ETH and BTC account for the largest share of liquidations, reflecting market liquidity concentrated in these two assets
• Increased short-term volatility: Over $35 million liquidated within an hour, showing market participants have diverging views on price direction

From a personal perspective, such large-scale short-term liquidation events are often signals of a market sentiment shift. The mass clearing of longs may suggest the market is testing support levels. Moving forward, attention should be paid to whether ETH can hold around $3,100 and whether the price will continue to decline.

Summary

Within just one hour, over $35 million was liquidated across the entire network, with nearly 65% of that from long positions. ETH and BTC, as the main affected assets, saw liquidation amounts of $10.84 million and $10.38 million respectively. Based on ETH’s price movement, the market experienced a noticeable short-term correction, which could be the primary trigger for the large-scale liquidations. Future focus should be on whether these two main assets can stabilize at current levels and whether market sentiment will further deteriorate.