Crypto Market Sees $146 Million in Long Positions Liquidated in 24 Hours

The cryptocurrency derivatives market experienced significant turmoil as approximately $146 million in long positions were liquidated within a 24-hour period. This wave of forced closures was primarily driven by sharp price declines in Bitcoin and Ethereum, which are the leading assets in leveraged trading activity. The bulk of the liquidations occurred on perpetual futures contracts, a popular trading instrument that allows traders to amplify their bets on rising prices.

Centralized exchanges such as Binance, Bybit, and OKX were notably affected, bearing the brunt of the liquidation activity. Additionally, the decentralized platform Hyperliquid, which has been gaining traction in the derivatives market, also reported substantial forced closures. While the reported figure of $146 million is significant, it may not fully capture the extent of the liquidations, as aggregator platforms like CoinGlass often provide conservative estimates. Broader tracking suggests that total liquidations, including both long and short positions, could have ranged between $200 million and $300 million during the same timeframe.

This incident is part of a recurring trend in 2026, where the crypto market has faced multiple waves of forced liquidations linked to price fluctuations in major cryptocurrencies. The mechanics of perpetual futures contracts contribute to this volatility, as traders using high leverage can be wiped out by relatively small price movements. For instance, a trader employing 10x leverage only needs a 10% price drop to lose their entire margin, while 50x leverage can result in liquidation from just a 2% decline. This cascading effect of liquidations can create a downward spiral in prices, further exacerbating market instability.

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Source: KLEA News