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Crypto derivatives traders saw another bout of forced risk-off over the past day, with more than $111 million in leveraged positions wiped out as volatility rippled through major tokens and a handful of thinner, theme-driven altcoins.

According to CoinGlass data compiled over the last 24 hours, total liquidations reached roughly $111.7 million. Long positions accounted for about $86.7 million, while short positions totaled around $25.0 million—indicating that, across the full-day window, downside moves and pullbacks did more damage to bullish leverage than to bearish bets.

Shorter-term flows, however, told a more mixed story. Over the most recent four-hour stretch, liquidations across tracked exchanges came in at approximately $13.0 million, with shorts making up the larger share: about $7.53 million (57.94%) versus $5.47 million (42.06%) for longs. The shift suggests choppier two-way trading where brief rebounds may have pressured bearish positioning even as the broader 24-hour tape favored long liquidations.

Exchange-by-exchange data underscored how fragmented positioning has become. Binance led the four-hour tally with about $4.73 million in liquidations—36.41% of the total—of which roughly $3.11 million (65.79%) were short liquidations. Hyperliquid followed with about $2.91 million, but with an almost inverted profile: 99.64% of that figure was long liquidations. Gate posted around $1.66 million, Bybit about $1.44 million, Bitget roughly $885,250, and OKX approximately $839,580. The diverging mix points to differences in user base, liquidity conditions, and product exposure rather than a single, uniform market squeeze.

By asset, Ethereum (ETH) dominated the 24-hour liquidation leaderboard with about $51.49 million—more than double Bitcoin’s (BTC) roughly $20.01 million. Solana (SOL) followed at around $11.56 million, while a basket of other altcoins collectively contributed about $14.56 million. Several smaller names also surfaced among the larger liquidation prints, including T (about $5.07 million), Zcash (ZEC) (about $4.86 million), EVAA (about $4.55 million), and CASHCAT (about $3.21 million).

Market participants typically watch this kind of distribution closely because liquidation spikes in less-liquid tokens can hint at concentrated leverage—often tied to short-lived narratives or thin order books—where price swings can become exaggerated. The appearance of mid- and small-cap assets near the top of the liquidation table suggests pockets of aggressive positioning beyond the usual BTC and ETH 중심, raising the risk that volatility could spread if sharp moves trigger additional margin calls.

While the provided ticker watchlist also referenced major alts such as XRP, Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX), Sui (SUI), Chainlink (LINK), Bitcoin Cash (BCH), Shiba Inu (SHIB), Stellar (XLM), Pepe (PEPE), Ondo (ONDO), and Litecoin (LTC), coin-by-coin liquidation comparisons were limited by incomplete time-sliced figures in the dataset. Even so, the breadth of assets on traders’ radar highlights how leverage is distributed across the market and why sudden moves in leading alts can sometimes cascade into wider deleveraging.

Liquidations occur when traders using futures or margin products can no longer meet maintenance margin requirements, prompting exchanges to forcibly close positions. Larger liquidation clusters tend to coincide with expanding short-term volatility and can amplify price moves as forced exits hit order books. With ETH leading the latest wave and exchange-level positioning looking uneven, traders are likely to remain alert for further whipsaw conditions—especially if liquidity thins during rapid intraday swings.

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