Liquidation data shows the selloff was skewed one-sided. Long positions accounted for the vast majority of forced exits, with short liquidations barely registering. That imbalance points to traders being caught leaning the same way after weeks of range-bound price action and repeated attempts to buy dips.
The damage was not limited to crypto-native assets. Tokenized commodities also featured prominently, with blockchain-based silver contracts posting unusually large liquidations relative to their size.
The presence of metals alongside bitcoin and ether is indicative of how crypto venues are increasingly used as fast-moving macro trading rails during periods of stress.
Solana and $XRP each saw more than $45 million in liquidations, while dozens of smaller tokens were swept up as liquidation engines fired across exchanges. In total, roughly $974 million was wiped out in the past 24 hours, with more than 240,000 traders forced out of positions.
Price action across majors reflected the pressure. Bitcoin slipped toward the low-$80,000 area, ether broke key short-term levels, and altcoins fell at a faster pace, reinforcing their sensitivity to leverage cycles.
With liquidity thinner over the weekend and risk appetite fading, the move looked less like panic and more like a mechanical reset.
Whether that clears the path for stabilization or opens the door to another leg lower will depend on how quickly leverage rebuilds once markets reopen in full.
coindesk.com
