Let’s start with the conclusion: this round of APR isn’t just a simple panic sell-off—it’s that leveraged positions are being cleared out layer by layer.
In the past 24 hours, APR fell 44.7%; price is 0.2836, with trading volume of $675 million. Open interest dropped to 41 million—down 46.7% in one day, meaning nearly half of the contract positions disappeared outright. In the same period, liquidations totaled $4.38 million: longs $2.4 million and shorts $1.99 million. Looking at the whole-day data, it’s roughly even.
Shrink the window to the last 1 hour and the whole picture changes. APR alone blew up 1.44 million, of which 1.317 million was long positions, accounting for 91.4%. Across the entire network, in that 1 hour only 4.04 million was liquidated in total—APR alone accounted for 35.6% of it. 1,144 liquidation orders; average per order $1,260. A typical retail crowd with a high leverage density.
In the same hour, major coins are moving in opposite directions. $BTC With liquidations of 378,000, 91.9% are shorts. $LINK With liquidations of 279,000, 93% are shorts. ETH liquidations totaled 201,000, with 86% shorts. LINK is up 9% today, and open interest is also up 22%. Shorts are adding positions while being carried away by the rise.
So in this hour, the market is being torn apart: major coins squeeze shorts, while altcoins kill longs. Capital isn’t moving in one unified direction—it's just each side liquidating the group with the loosest orders first.
As for the funding rates, $APR they aren’t extreme: all 12 exchanges are positive, with an average annualized rate of 5.9%. This suggests nobody is抢着反弹去做多 at this level. The funding rate hasn’t been pushed into negative territory; longs are being wiped out directly by price, not grinded to death by the cost of capital.
In terms of conditions, the Fear & Greed Index is 34, and the Altseason Index is 74. Sentiment is rather cold, but altcoins are still outperforming BTC. With this combination, rebounds in coins that got crushed typically are fragile and prone to a second dip.
After cutting your position in half, do you think the APR has already cleared out—or is it just starting?
Check in real time: https://www.coinboss.com/zh/liquidations