The sell-off marked the biggest wave of long-position liquidations since February, with Ethereum accounting for $244 million and Bitcoin for $160 million.
Crypto long liquidations totaled $563 million over 24 hours, the largest such event since February, according to the source. Ethereum led the losses with $244 million in liquidated long positions, followed by Bitcoin at $160 million. Long liquidations happen when traders betting on higher prices are forced to close positions, often accelerating downside volatility as exchanges automatically sell collateral into a falling market.