Conclusion first: in this hour alone, global stocks plus commodities blew up by $6.68 million—more than 80% are chasing longs. But the largest two trades are one short and one long, fighting over direction.
Commodities make up the bulk: $5.63 million in one hour, with 81% being longs. Leveraged markets like gold and oil were being chased upward while riding the uptrend, but they got slapped back—long positions were hit when the move reversed. Stocks are even more extreme: out of 986k, 98.6% are longs, with almost nobody shorting.
Over the past four hours, 69%+ are long; over the past 24 hours, 75%+. Even if you calculate commodity stocks separately, they’re still more than 70% long—this isn’t a coincidence.
The largest two positions both exceeded one million: Aster’s crude oil short was liquidated for 1.037 million, while Hyperliquid also had a gold long liquidated for 1.023 million at the same time. Long and short were both on the same stage and got buried; what’s left is all long positions paying tuition.
$XAU $CL
This round of chasing the price—do you think there will be a second round?
Check in real time: https://www.coinboss.com/tradfi-liquidations