The crypto market saw $701 million in liquidations over the past 24 hours on May 28, according to Coinglass. The data shows that long liquidations totaled $648 million, far exceeding $53.59 million in short liquidations. Liquidation happens when leveraged positions are forcibly closed after traders can no longer meet margin requirements, and the imbalance suggests the market move hit bullish bets much harder than bearish ones during the period.