Back
Crypto Market Records $701 Million in 24-Hour Liquidations

Crypto Market Records $701 Million in 24-Hour Liquidations

According to Coinglass, the market saw $701 million in 24-hour liquidations on May 28, following a sharp earlier wipeout of more than $250 million to $260 million that was concentrated in bullish leveraged positions.

Fact Check
The Watcher.Guru X post (status 2059837472658395298) is the primary source and explicitly states 'Over $250,000,000 liquidated from the crypto market in the past 15 minutes,' which matches the claim. Multiple independent X accounts (Spectre/@OeconomicusO, Oppenheimer/@OppenheimerReal, and many others) posted the same figure within minutes, consistent with a real-time liquidation snapshot typically derived from Coinglass data. While the underlying Coinglass data point itself could not be independently re-pulled at the same minute, the convergence of multiple simultaneous reports and the reputable aggregator (Watcher.Guru) supports the claim as likely true. Confidence is medium rather than high because no on-chain/Coinglass primary screenshot was independently retrieved.
    Reference: 123
Summary

The crypto market experienced a broad liquidation event on May 28, with Coinglass reporting $701 million in liquidations over 24 hours. The newer data shows long positions accounted for most of the losses, with $648 million liquidated versus $53.59 million in short positions, indicating that bullish leveraged bets were hit far harder than bearish ones. Earlier reports had already pointed to a rapid wave of forced closures, with more than $250 million liquidated in 15 minutes and about $260 million in long liquidations over one hour. Taken together, the figures show a fast-moving unwind in leveraged long exposure, though neither topic provided an asset-by-asset, exchange-specific, geographic, or causal breakdown beyond Coinglass’s long-versus-short split.

Terms & Concepts
  • Liquidation: The forced closure of a leveraged trading position when losses reduce collateral below required margin levels.
  • Long position: A trade that profits if an asset’s price rises, but can be liquidated if the market moves lower.
  • Margin: Collateral posted by traders to maintain leveraged positions and absorb potential losses.