Coinglass data reveals that long positions dominated the liquidations, accounting for $232 million, as volatility spiked on February 23.
The crypto market experienced a significant liquidation event on February 23, with total liquidations reaching $238 million in one hour, according to Coinglass data. Of this amount, $232 million came from long positions, while short positions totaled $5.54 million, highlighting the overwhelming impact of market volatility on leveraged long trades.