Conclusion first: in these four hours, commodities and stocks together exploded by $10.10 million, 93% of which was long positions trapped after chasing the highs; shorts accounted for only 6.6%.
The gold trade is the most eye-catching. On Binance, a single 70-ounce gold long at 4,319.36 was liquidated for $302,000—making it the biggest single trade of the whole session. Right behind it is META stock: on Hyperliquid, 505 shares long liquidated for $283,000; those two trades make up nearly three-tenths of the total.
Look at them separately: for commodities, 5.348 million USD across 723 transactions; for stocks, 4.195 million USD across 946 transactions. Stock trades are dominated by many small-lot orders, with lots of retail investors and fragmented leverage; commodities have only a few trades stacked up—so it’s big capital carrying the position.
The gold longs chasing higher prices and the tech stock longs are basically the same crowd: when it rises fast they rush in, and the moment they turn around they get liquidated.
In this pullback, do you think it’s a shakeout or a top?
Check in real time: https://www.coinboss.com/tradfi-liquidations