First the conclusion: when looking at liquidations, don’t just focus on the total volume across the whole web. The long/short structure varies drastically from platform to platform—if you only watch one, it’s easy to end up seeing the opposite direction.

Over the past 24 hours, total liquidations across the whole network were $55.3M, with 58,689 trades, and longs accounted for 62%. But when you break it down by platform, that 62% simply doesn’t hold true in many places.

In HTX’s $2.57M, 84% of liquidations were long positions wiped out. In Gate’s $3.06M, 72% were also longs. Users on both of these platforms clearly prefer chasing longs—so when prices pull back, they get lifted away first. By contrast, for Lighter, in $16.8k, 85% of liquidations were shorts. Similarly, in CoinEx’s $27k, 69% were also shorts. The volume is smaller, but the direction is completely opposite to the broader market.

The volume distribution is pretty much the same as before: Binance alone accounts for 28.61M, 52% of the total on the whole network, with 30,139 trades; OKX is 12.12M, 22%; Bybit is 6.62M. The first two combined are close to 74%.

In the past hour it’s even more extreme: out of 4.37M liquidations across the whole network, long positions account for 91%—basically a one-way market. $BTC In this hour, 250k were liquidated, with longs at 97%; $ETH 310k, with longs at 93%. In the 24-hour ranking, the top is $APR with 6.52M.

So in the same market move, the people who get liquidated on different platforms are actually two completely opposite groups. To judge whether the capital has been fully cleaned up, it’s not enough to just look at the overall network numbers—you need to look at the platform you’re on.

#爆仓数据 #合约交易 #交易所 #Risk Management

On the platform you usually use, in this wave of liquidations were they long positions or short positions?

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