Over the past 24 hours, the total liquidation volume in the crypto market approached $1 billion. Data from CryptoMeter shows that leveraged long positions were the primary losers, with BTC and ETH leading the decline, indicating a clear market deleveraging trend.
Long positions account for the vast majority of liquidations.
Approximately $979.7 million in positions were liquidated during this period, with long liquidations totaling about $769.7 million and short liquidations totaling about $210.1 million. This means nearly 79% of the liquidations came from bullish positions.
BTC and ETH are under the most pressure.
Bitcoin had approximately $299.4 million in 24-hour clearing, and Ethereum had approximately $287.7 million. Combined, they total nearly $600 million, indicating that this pullback is not limited to altcoins but encompasses a broader range of major assets.
Ethereum’s long positions are particularly crowded. CryptoMeter shows that approximately $246.4 million in ETH longs were liquidated, compared to only about $41.3 million in shorts, with around 86% of all Ethereum liquidations coming from longs.
Zcash volatility amplification
Zcash also experienced a significant liquidation, amounting to approximately $76.3 million. Previously, Zcash's ecosystem temporarily halted activities due to the Orchard network upgrade, intensifying market volatility.
The Zcash Foundation stated that user funds and privacy features were unaffected, but the protocol-level update still amplified price volatility.
Leverage sentiment remains overly aggressive.
Such liquidations often amplify volatility. Forced liquidations can further depress prices, especially when leverage is concentrated on one side. Data also shows that traders continue to actively use leverage, despite ongoing macroeconomic instability.