Liquidations wipe out $517 million in 24 hours—86% were long positions.
The liquidation leaderboard blew up first: in the entire market, $517 million was liquidated in 24 hours, up 93.78% from the previous day; 120,658 people were liquidated. Long positions betting on price increases were blasted for $447 million, while short positions totaled only $69.39 million.
The hardest hit was $ETH : on a per-coin basis, $114 million, with the largest single order of $10.04 million placed on Binance’s $ETH USDT contract. The current price of $ETH is 2687; over the past 24 hours it’s only down 2.67%, still holding above the 1-hour MA20 at 2682, with RSI14 at 45.76. Neither support at 2633 nor resistance at 2738 has been broken. With such a small drop but such heavy liquidations, it’s because the retail long-to-short ratio is 2.67, and 72.76% of accounts are betting long. When large positions slightly turn, they get wiped out in a chain.
Open interest fell 2.76% in 24 hours. Funding rate is pinned near the benchmark, and while leverage is withdrawing, long exposure hasn’t fully come down yet.
I’m bearish: the liquidation ratio can’t hold before the price breaks down—this is a positioning-structure problem, not that the move has finished. As long as longs haven’t been fully cleared, I’m inclined not to take the rebound.
The liquidation leaderboard blew up first: in the entire market, $517 million was liquidated in 24 hours, up 93.78% from the previous day; 120,658 people were liquidated. Long positions betting on price increases were blasted for $447 million, while short positions totaled only $69.39 million.
The hardest hit was $ETH : on a per-coin basis, $114 million, with the largest single order of $10.04 million placed on Binance’s $ETH USDT contract. The current price of $ETH is 2687; over the past 24 hours it’s only down 2.67%, still holding above the 1-hour MA20 at 2682, with RSI14 at 45.76. Neither support at 2633 nor resistance at 2738 has been broken. With such a small drop but such heavy liquidations, it’s because the retail long-to-short ratio is 2.67, and 72.76% of accounts are betting long. When large positions slightly turn, they get wiped out in a chain.
Open interest fell 2.76% in 24 hours. Funding rate is pinned near the benchmark, and while leverage is withdrawing, long exposure hasn’t fully come down yet.
I’m bearish: the liquidation ratio can’t hold before the price breaks down—this is a positioning-structure problem, not that the move has finished. As long as longs haven’t been fully cleared, I’m inclined not to take the rebound.