This squeeze-and-rush move is already over. In the past hour, it has started killing longs—the direction has flipped cleanly and decisively.
Across the whole network in the last 24 hours, there were $1.540 billion in liquidations, 168,200 trades. Shorts accounted for $1.266 billion (82.2%). On a 12-hour basis, shorts were $1.195 billion, with shorts at 85.2%. Over 4 hours it fell to 71.5%; in the most recent hour, however, longs actually accounted for 77.6% of the $27.988 million liquidations (21.729 million). The shorts have been cleared out for the most part; next, the ones getting cut are the crowd that chased the price up.
The liquidations over this hour were concentrated in two main categories. ETH liquidated 11.253 million yuan worth, 603 trades; among them, longs accounted for 10.784 million yuan (95.8%). BTC liquidated 8.238 million yuan, 662 trades; among them, longs accounted for 7.877 million yuan (95.6%). Together, that’s 18.66 million yuan, about two-thirds of the total across the network for this hour. The largest single liquidation was an ETH long on OKX: $2,396.62 was liquidated across 5,000 contracts, totaling $1.198 million. ETH’s current price is 2,380.34; over the past 24 hours it peaked at 2,462. A drop of just 3.3% from the top was enough to knock out those positions—suggesting leverage wasn’t set low.
That side of BTC explains positioning better. 77,491.5, up 7.81% over 24 hours, but the 24-hour range is 62,859.8 to 79,923.7, with an amplitude of 26%. Open interest is 44.085 billion, and it was still up 2.18% in the last 24 hours—when price came down from the high point, the position size didn’t shrink; there aren’t too few people holding and taking the hit.
What’s interesting is that not all coins are liquidating longs. In PUMP, this past hour, shorts exploded by 1.699 million versus longs of 1.670 million, 98.3%—price at 0.004109, up 21.89% in 24 hours. In ZEC, shorts jumped 1.186 million versus 1.101 million longs, 92.9%, at 647.39, up 14.88%; open interest is 1.212 billion—up 20.97% in a day. In AAVE, shorts spiked 489k versus 483k longs, 98.8%, up 15.70%, with open interest up 24.72%. While the mainstream is killing longs, these three are still squeezing shorts—and in each case, open interest is expanding sharply while price rises, indicating new funds are driving it.
Even the platform distribution confirms that leveraged longs are accepting losses. On OKX this past hour: 9.263 million in longs versus 8.127 million. On Binance: 10.085 million longs versus 7.299 million. Only Aster is doing the opposite—1.591 million in shorts versus 1.025 million. And the PUMP short orders above it make up the bulk.
The Fear & Greed Index is 72—greed zone. The Altcoin Season Index is 56—neutral. Sentiment isn’t cheap anymore.
When the mainstream is killing longs and small-cap coins are simultaneously squeezing shorts, will you follow the capital and chase the small caps, or wait for the mainstream to pull back?
Check in real time: https://www.coinboss.com/liquidations