First, the takeaway: the sell pressure from this dump has basically been cleared. In the last hour, the liquidation direction has overall flipped to the short side.

In the past 24 hours, total liquidations across the market reached $145.7 million, across 56,712 trades. Longs accounted for $99.76 million (68.5%). Exchange breakdown: Binance $55.31 million (38%), OKX $31.31 million, Gate $18.62 million, Bybit $17.03 million, Hyperliquid $10.75 million.

What’s really interesting is Hyperliquid. In the past 24 hours, longs were liquidated for $10.07 million, while shorts were liquidated for only $0.68 million. 93.7% were longs. Average per trade: $5,632 — 2.8x Binance’s $2,038. Large holders couldn’t withstand the sell pressure and got liquidated.

But recently, the last 1 hour has gone completely the other way: total liquidations across the market were $1.46 million, with shorts accounting for $0.9 million (61.8%). Over these 1 hour, longs on HL were liquidated for only $46, while shorts were liquidated for $80,700 — nearly 100% were shorts. HTX is even more extreme: in 8 liquidations, $49,000 were wiped out, with an average of $6,115 per trade — all were short orders.

Coin-level same direction: in $HYPE , 91.8% of shorts were squeezed out; in AKE, 89.1% of shorts were squeezed out. But in $BTC , still 83.1% of longs are getting beaten up, and in $ETH , longs are 69.9%. The broader market is still falling, but the smaller coins have already rebounded first and are squeezing out shorts.

Fear & Greed Index is 29, and the altcoin season index is 72 (out of 50 mainstream coins, 36 outperformed BTC). Buying the dip to bring the small-cap prices up, then reversing to harvest the shorts—this is a common order for a stage where sentiment bottoms out.

Do you think this is the starting point for a rebound, or a continuation of the downtrend?

Check in real time: https://www.coinboss.com/liquidations

#爆仓数据 #Hyperliquid #逼空 #Altcoin season