Crypto Futures Witness $490M in Liquidations Amid Sudden Market Correction

The crypto futures market experienced a sharp correction over the past 24 hours, resulting in approximately $490 million in liquidations. The majority of the losses were concentrated in long positions, indicating a sudden shift in market sentiment.

Bitcoin (BTC) futures led the liquidation wave, with $152.85 million in positions closed. Of that, an overwhelming 89.81% were long positions, suggesting that leveraged bulls were caught off guard by the price drop. Ethereum (ETH) followed closely, with $119.46 million liquidated, 78.26% of which were longs.

Solana (SOL) saw $15.63 million in liquidations, with 88.5% coming from long positions. These figures highlight a broad-based deleveraging event that impacted major cryptocurrencies across the board.