$463 million liquidation in 24 hours: Long positions slaughtered, 122,514 people lost their entire investment

The past 24 hours have seen a massive liquidation in the crypto market. According to the latest reports, the total liquidation amount across the network reached $463 million, with long positions liquidated at $317 million and short positions at $146 million. This indicates that bullish traders suffered more severe losses, with long liquidations over twice the size of shorts. Meanwhile, a total of 122,514 traders were liquidated in this round, with the largest single liquidation occurring on the Hyperliquid platform, involving a BTC-USD contract valued at $11.2795 million.

Market Signals Behind the Overwhelming Long Liquidation

From the distribution of liquidation data, long positions account for as much as 68.5%, which is a noteworthy phenomenon. This suggests that at a certain point, the market experienced a significant decline, causing a large number of traders holding long positions to be stopped out.

Liquidation Distribution by Asset

Bitcoin’s long liquidation scale is particularly large, reaching $120 million, more than 3.6 times the short liquidations. This reflects that during this decline, traders holding long positions in BTC faced the most severe impact. Ethereum’s situation is somewhat better, with a more balanced ratio of long to short liquidations.

Risk Signal from Single Liquidation Size

The largest single liquidation reached $11.2795 million, indicating a high concentration of leveraged positions in the market. Hyperliquid, as an emerging derivatives platform, attracts many aggressive traders with its high leverage features. Single liquidations exceeding $10 million suggest these traders used extremely high leverage multiples, where even small price movements could trigger liquidation.

Margin Level Warnings Indicate Ongoing Risks

According to related data, the liquidation chart shows several key price levels. For Ethereum, if it breaks above $3,300, the cumulative short liquidation on major CEXs will reach $809 million; conversely, if it falls below $3,150, long liquidations will total $1.053 billion. This indicates that there are large pending positions to be liquidated around these levels.

For Bitcoin, if it drops below $92,000, the cumulative long liquidation on major CEXs will reach $1.135 billion; if it surpasses $95,000, short liquidations will amount to $678 million. These figures suggest that the market remains in a highly tense state between bullish and bearish forces.

Market Sentiment Reflected in Funding Rates

Based on the latest data, the funding rates on major platforms currently show Bitcoin maintaining a neutral stance, while altcoins are broadly bearish, with most funding rates in negative territory. This indicates that after this round of liquidations, risk appetite has significantly decreased, with funds concentrated in leading assets like BTC, while bearish sentiment toward altcoins remains strong.

Summary

This $463 million large-scale liquidation event highlights several core issues: First, the overwhelming dominance of long liquidations indicates that the market experienced a clear decline at some point, severely impacting bullish traders; second, single liquidations exceeding $10 million reveal highly concentrated extreme leverage positions, raising concerns about risk management; third, multiple key price levels in the liquidation warnings suggest the possibility of secondary liquidations. For traders, this event serves as a warning—the power of leverage in highly volatile markets is a double-edged sword, and excessive leverage ultimately leads to one outcome: liquidation. The current market funding rates and liquidation distribution both signal risks, and prudent position management remains the best strategy.