More than $120 million was liquidated across major crypto perpetual futures (contracts that track spot prices without expiry) over the past 24 hours, with Bitcoin and Ethereum leading the activity and short sellers taking most of the damage. Bitcoin recorded about $80.62 million in liquidations, 94.6% of them short positions, while Ethereum saw $20.37 million, with 58.58% tied to shorts. SNDK also posted $20.14 million in liquidations, of which 65.63% were shorts. The concentration of short liquidations points to a sharp reversal in market positioning and may indicate bullish momentum or a short squeeze (a rally fueled by forced buying from bearish traders). The episode suggests many traders had been braced for further downside, possibly because of regulatory news or macroeconomic uncertainty, before price action turned against them. The source says the move is a reminder of the risks of leverage in volatile markets, while also suggesting that the market's ability to absorb large liquidations without a major crash could be read as a sign of resilience, even as further retracement remains possible.