More than $105 million in leveraged crypto futures positions were liquidated across major exchanges within an hour, bringing the approximately 24-hour total to $296 million. Liquidation occurs when an exchange forcibly closes a leveraged position after the trader’s margin falls below the required maintenance level, limiting losses beyond deposited collateral. Data from Coinglass indicates that long positions accounted for most of the liquidations, suggesting a sudden downward move that caught bullish traders off guard. Binance, OKX and Bybit reported significant volumes. The event is notable but not unprecedented, as crypto markets have recorded single-day liquidations exceeding $1 billion during major corrections. Concentrated forced selling can intensify price swings and trigger additional liquidations, while macroeconomic expectations, regulatory developments and changing risk appetite continue to influence digital-asset prices.