86,816 traders liquidated $345M in 24h: short positions hit $208M, is this a washout or just the beginning?
CoinGlass data on Sept 17: total liquidations of $345M, including shorts of $208M and longs of $137M. $ETH led with nearly $89M, $BTC around $85M, and $ZEC about $56M despite market cap of only ~$23B. The largest single order was a $18M BTC trade on Hyperliquid.
Of note, that day Nasdaq rose +1.7%, S&P gained +1.15% after it became clear the Fed hike. The 10Y yield fell to 4.94%. So while spot rebounded, high-leverage futures got swept on both sides.
In my view, there are three things to watch:
1. Shorts being pushed more than longs suggests the selling side is chasing the Fed news, not spot capital selling out.
2. ZEC liquidations up to $56M indicate that altcoins—given thinner liquidity—were far more volatile than BTC.
3. After a washout like this, funding often resets back toward neutral and OI declines. If OI ramps up again too quickly while price is moving sideways, the risk of a second round sweep remains high.
My takeaway for monitoring—not investment advice: look at the 7-day OI + funding + liquidation heatmap, rather than trying to guess the top or bottom. If leverage drops but price can hold above areas with heavy liquidation, that would mean a healthier structure.
Are you seeing this move as a healthy reset to continue, or a bullish trap after the Fed news?
Content is my personal viewpoint, not investment advice. DYOR—trading involves risk.
CoinGlass data on Sept 17: total liquidations of $345M, including shorts of $208M and longs of $137M. $ETH led with nearly $89M, $BTC around $85M, and $ZEC about $56M despite market cap of only ~$23B. The largest single order was a $18M BTC trade on Hyperliquid.
Of note, that day Nasdaq rose +1.7%, S&P gained +1.15% after it became clear the Fed hike. The 10Y yield fell to 4.94%. So while spot rebounded, high-leverage futures got swept on both sides.
In my view, there are three things to watch:
1. Shorts being pushed more than longs suggests the selling side is chasing the Fed news, not spot capital selling out.
2. ZEC liquidations up to $56M indicate that altcoins—given thinner liquidity—were far more volatile than BTC.
3. After a washout like this, funding often resets back toward neutral and OI declines. If OI ramps up again too quickly while price is moving sideways, the risk of a second round sweep remains high.
My takeaway for monitoring—not investment advice: look at the 7-day OI + funding + liquidation heatmap, rather than trying to guess the top or bottom. If leverage drops but price can hold above areas with heavy liquidation, that would mean a healthier structure.
Are you seeing this move as a healthy reset to continue, or a bullish trap after the Fed news?
Content is my personal viewpoint, not investment advice. DYOR—trading involves risk.
