First the conclusion: this hour’s liquidations weren’t caused by retail traders randomly messing around; instead, the shorts were pinned down by the mainstream coins’ rebound.
In the past 1 hour, total liquidations across the entire network were 3.754 million USD across 2,429 trades, with shorts at 3.061 million, or 81.5%. But if you expand the window to 24 hours, it’s completely the opposite: 40.696 million USD across 47,200 trades, with longs at 24.793 million, or 60.9%. Throughout the day, it was basically killing longs—then in the final hour, it suddenly reversed and squeezed shorts.
BTC’s side carried the loss of 1.899 million RMB, accounting for half (and more) of the entire network. In 171 trades, long-liquidations were only 253 dollars—basically negligible. In the same period, BTC open positions totaled 4.109 billion RMB; over 24 hours, it only moved by -0.04%, with the price at 63,244. The positioning didn’t really increase or decrease. When the price pushed up, it immediately liquidated all the short orders sitting above, indicating this batch of shorts entered only in the last few hours as short-term positions and has no ability to add to and hold the line to resist the price.
ETH following along: in 1 hour it surged to 251,000 (units), with shorts at 248,000 accounting for 98.8%. WLD was second with a liquidation of 414,000; longs only had 4.97 dollars. In 24 hours it rose 5%, while open interest increased 6.2% to 299 million. $SOL 555,000 all belong to shorts—only 17 trades, averaging 33,000 dollars per trade. This is big positioning, not a bunching of small retail traders.
There are also moves in the opposite direction. $BASED In 1 hour it liquidated 89,400; longs were 89,300, while shorts were only 119 dollars. Its open interest rose 19.6% over 24 hours to 26.24 million. The batch that bought and chased longs first got swept up. BICO was the same: in 1 hour, all longs at 49,200. $BEAT In 24 hours it fell 21.1%, and in the 60,700 liquidations in 1 hour, longs accounted for 57,300. In the downtrend, people trying to catch the bounce are still losing money.
At the exchange level, it’s very consistent: Binance 1-hour liquidations of 1.811 million, with shorts at 80.4%; Bybit 849,000 with shorts at 90.1%; Hyperliquid 71.1k with shorts at 99.5%. None of them are going the other way. That shows this is a market-wide synchronized squeeze, not a single platform throwing an odd pin.
The Fear & Greed Index is 34 and still in the fear zone; the Altseason index is 60. Sentiment hasn’t caught up, but the mainstream has already moved first.
Do you think this move is the starting point of a rebound, or another squeeze while the price is falling?
Check it in real time: https://www.coinboss.com/liquidations