The liquidation wave in the cryptocurrency market yesterday was significant — in the past 24 hours, the total leveraged position liquidations reached $146.23 million, approximately 214.5 billion KRW.

Long positions suffered the most in this wave of liquidations. Data shows that long position liquidations amounted to $129.37 million, accounting for 88.5%; short position liquidations were only $16.86 million, just 11.5%. This clearly indicates the immense pressure on long positions.

Specifically, in terms of exchange performance, a leading exchange remains the main scene for liquidations, with a total of $34.7 million liquidated within 24 hours, accounting for 23.7% of the entire market. Among these, long position liquidations totaled $29.45 million, making up 84.9% of the exchange’s total liquidations.

Hyperliquid follows closely, with a liquidation amount of $25.75 million (17.6%), and long positions reaching as high as $24.02 million, which is 93.3% — indicating that the platform’s long positions are quite concentrated in risk.

Bybit liquidated about $23.78 million, accounting for 16.3% of the entire market, with a similarly high proportion of long positions at 88.2%.

Interestingly, Bitfinex, although with a smaller liquidation scale of $6.2 million, shows a reversed ratio between long and short liquidations — long liquidations account for a higher proportion at 79.5%, suggesting that the long positions on this platform are also under increasing pressure.

From the perspective of cryptocurrencies, BTC and ETH, as mainstream assets, often reflect the overall market risk appetite through their liquidation data. When the proportion of long liquidations is so high, it usually indicates that market sentiment has shifted from optimism to caution, with many leveraged longs hitting stop-loss.

This type of liquidation data is very informative for traders — when liquidations are particularly concentrated in one direction, it often signals that the market is about to experience a reversal.