Crypto traders saw $585 million in liquidations across the market over 12 hours, according to CoinGlass data. Long positions accounted for $498 million, while short positions represented $86.4012 million. Bitcoin liquidations totaled $206 million and Ether liquidations reached $202 million, together making up about 69.7% of the overall amount. Liquidations occur when leveraged positions are forcibly closed after traders can no longer meet margin requirements.