The $774M liquidation headline is loud. The distribution matters more.
In the latest 24-hour #coinglass snapshot, $ETH liquidations reached $169.23M, slightly above $BTC at $160.48M. $SOL took $60.41M and 94.2% of that was longs.
That is what an alt-heavy leverage market looks like when risk reverses: #bitcoin starts the move, but thinner, more leveraged trades absorb the bigger relative damage. #Ethereum✅ even produced a larger liquidation bill than Bitcoin despite being a much smaller market.
The next test is not simply whether BTC bounces. Watch whether ETH and SOL can recover without open interest rebuilding too quickly. If price rebounds while leverage reloads faster than spot demand, the flush may not be finished.
In the latest 24-hour #coinglass snapshot, $ETH liquidations reached $169.23M, slightly above $BTC at $160.48M. $SOL took $60.41M and 94.2% of that was longs.
That is what an alt-heavy leverage market looks like when risk reverses: #bitcoin starts the move, but thinner, more leveraged trades absorb the bigger relative damage. #Ethereum✅ even produced a larger liquidation bill than Bitcoin despite being a much smaller market.
The next test is not simply whether BTC bounces. Watch whether ETH and SOL can recover without open interest rebuilding too quickly. If price rebounds while leverage reloads faster than spot demand, the flush may not be finished.