Crypto Market Experiences Largest Liquidation Event Since February

A sudden decline in cryptocurrency prices triggered a massive liquidation event, leaving traders nursing significant losses. According to CoinGlass data, approximately $1.84 billion in crypto leveraged positions were liquidated across the past 24 hours.

The single largest order was a $59.67 million $BTC-USDT long unwinding on HTX. Binance accounted for $748 million of the total liquidations, with 89% of those positions being long. Hyperliquid handled $314 million, of which 94% were longs, and Bybit logged $247 million with 93% longs.

The positioning data suggests that fresh bearish bets are building on top of the long flush, as Bitcoin open interest rose during the cascade. This indicates that new short positions are opening rather than long positions closing, signaling a potentially bearish market trend.