The wipeout points to a sharp move lower that forced leveraged bullish bets to close, a common sign of rapid risk-off trading in digital assets.
More than $1.34 billion in long positions were liquidated across the crypto market over the last 24 hours. The scale of the forced unwinding indicates a steep downturn that hit traders using leverage, as long liquidations typically occur when falling prices trigger automatic position closures. Such episodes can amplify volatility by accelerating sell pressure as exchanges close losing bullish bets.