Isabella García
The crypto derivatives market experienced a massive wave of liquidations totaling $333.56 million over the past 24 hours, with short sellers suffering the majority of losses. Shorts faced $212.59 million wiped out, compared to $120.97 million in long position liquidations. This corresponds to a 1.76 short-to-long liquidation ratio, following Bitcoin’s strong 2% daily increase that pushed the price to $122,000 after struggling to break past the critical $118,000 resistance level for several days.
This liquidation pattern indicates that many shorts bet on weakness but were overwhelmed as Bitcoin’s price surged above $120,000 amid persistent buying pressure.
Asset Breakdown and Exchange Data
Bitcoin and Ethereum dominated liquidations, with Bitcoin alone accounting for $115 million and Ethereum for $93.22 million, combining for about 62% of the total. This aligns with the heavy positioning concentrated in these two leading cryptocurrencies, while smaller altcoins contributed less significantly to the liquidation totals.
In terms of exchanges, Binance and Bybit led the liquidation volumes, with $120.58 million and $103.63 million respectively, together making up roughly 67% of the 24-hour total. OKX followed with $53.82 million, Gate with $33.11 million, and HTX at $27.74 million.
Across all major platforms, short liquidations were the majority: Binance saw 52.94%, Bybit 61.06%, OKX 53.28%, Gate 70.26%, and HTX 69.55% of liquidated value on short positions. Retail-heavy exchanges showed an even sharper tilt toward shorts, consistent with a grinding upward price movement that targets crowded short entries rather than sudden crash events.
Notable Liquidation and Market Outlook
The largest individual liquidation was a $9.14 million BTC-USDT-SWAP order on OKX. Although single trades of this size don’t move the market alone, they highlight how quickly losses escalate when prices push through heavily shorted zones and liquidation thresholds.
If Bitcoin remains above $121,000, the pressure from short liquidations is expected to subside, unless prices extend higher. However, a quick pullback could shift the risk toward longs who entered too aggressively. Today’s data clearly shows that bears bore the brunt of the pain during this price surge.
