The reported wipeout in bullish leveraged positions points to a sharp market move that forced traders betting on higher prices to close positions.
About $346 million in crypto long positions were liquidated over the past 24 hours, according to the source. Long liquidations happen when traders using leverage to bet on rising prices can no longer maintain their positions, typically after a broad or sudden decline in the market. Such events often amplify volatility because forced selling can accelerate price moves and clear out overly leveraged bullish bets.