Ethereum, XRP, Dogecoin, Solana hit by $384 million in largest liquidation day since February

In the past 24 hours, crypto markets witnessed a massive liquidation wave totaling $979.72 million, with long positions overwhelmingly impacted.

The day closed out as the largest liquidation event since February, when nearly $3 billion in both longs and shorts were liquidated within 48 hours.

Here’s how it breaks down:

• Longs Liquidated: $873.05M (≈89.12%)
• Shorts Liquidated: $106.67M (≈10.88%)

This liquidation imbalance represents the sharp market reversal that caught leveraged long traders off guard following the Elon Musk and Donald Trump public spat.

Coin-Level Breakdown: BTC & ETH Dominate

Top assets by liquidation volume:

Symbol Liquidated Volume BTC $344.42M ETH $285.06M SOL $50.12M DOGE $27.04M XRP $22.73M

Bitcoin (BTC) and Ethereum (ETH) together account for 64% of total liquidations, reflecting high leverage activity around these majors. Notably, SOL and DOGE have significant liquidation volumes relative to their market cap, hinting at overleveraged retail enthusiasm.

Exchange-level analysis

Liquidations were concentrated across a few key platforms:

Exchange Total Long Short Long Ratio Bybit $350.95M $330.35M $20.60M 94.13% Long Binance $246.80M $205.04M $41.77M 83.08% Long Gate $115.18M $107.19M $7.99M 93.07% Long OKX $95.47M $79.25M $16.23M 83.01% Long

Bybit leads by liquidation volume, with an extreme 94.13% long bias, underscoring its user base’s heavy bullish leverage, likely cascading into one of the largest long squeezes on the platform.

Interpretation: A classic long squeeze

Today’s liquidation data paints a picture of excessive long positioning across retail-heavy exchanges. The disproportionate hit to longs, nearly 9x the short liquidations, signals a classic long squeeze likely triggered by a rapid price drop in BTC or ETH. This may have been exacerbated by:

• Aggressive leverage in altcoin trades (SOL, DOGE)
• Stop-loss triggers during the personality-driven correction
• Unwinding of bullish derivatives structures ahead of the weekend

Given this scale of liquidations:

• Short-term volatility is likely to remain elevated
• Expect reduced open interest and cooling funding rates
• Any retracement rallies may be weaker as sidelined longs reassess new personality risks

If BTC or ETH stabilizes, a short-term bounce is plausible, but sustained upside will require clear support and renewed confidence post-wipeout.

As of press time, Bitcoin is trading 2.2% lower than yesterday’s peak of $105,500 at $103,400.

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