The statement is strongly supported by multiple, independent, and authoritative sources. A report from the major financial news outlet Yahoo Finance confirms that crypto liquidations topped $1.08 billion in a 24-hour period. This core fact is directly corroborated by a news article from the cryptocurrency exchange Bitget and a social media post that cites the data aggregator CoinGlass. Crucially, the Bitget article specifies that the liquidated funds were 'almost entirely from long positions,' directly supporting the most specific part of the claim. The credibility of CoinGlass as the likely primary data source for these reports is established by several other provided links demonstrating its comprehensive tools for tracking liquidations across various cryptocurrencies and exchanges. There is no conflicting evidence among the relevant sources; the articles concerning a glitch on the Paradex exchange describe a separate, isolated incident and do not contradict the market-wide data. The convergence of evidence from a mainstream financial source, a crypto-industry source, and a primary data aggregator makes the statement highly credible.