Derivatives Note: $327M Wiped Out, Longs Take 62% of the Hit, Funding Still Positive

Total derivatives liquidations printed $326.58 million over the past 24 hours, and the venue-level breakdown tells a more nuanced story than a simple long squeeze. Longs absorbed $200.55 million (62%) while shorts took $125.5 million (38%) — a split wide enough to confirm directional pressure, but not one-sided enough to call it capitulation.

Exchange dispersion points to a choppy, two-way tape

Binance handled the largest share of the trailing four-hour liquidation window at roughly $8.23 million, or 42.54% of total flow, with shorts making up 57.84% of that figure. OKX processed about $3.32 million (17.14% of the window) but with a much sharper skew — 81.09% of its liquidations were short positions getting run over.

Hyperliquid told the opposite story: roughly $2.48 million in liquidations (12.82% of the window), with longs accounting for 80.97% of the damage there. Gate showed a short-heavy profile similar to OKX, with 79.08% of its liquidations coming from downside bets. No single exchange trend held consistently across the board — the hallmark of a market getting squeezed from both directions rather than trending cleanly one way.

BTC and ETH remained tightly correlated through the unwind. The largest four-hour BTC liquidation spike hit approximately $71.38 million, just ahead of ETH’s four-hour peak of $69.56 million — a reminder that deleveraging events still move the two largest assets in near lockstep.

Price action and positioning data

BTC last traded near $62,134.94, down 2.15% on $16.74 billion in 24-hour volume, ranging between $61,544.56 and $63,761.99. ETH slipped to roughly $1,734. Total crypto market cap sits at $1.79 trillion with Bitcoin dominance holding at 69.6%.

The Fear and Greed Index reads 20/100 — extreme fear — yet BTC funding stayed positive at +0.0065%, meaning longs are still paying shorts to hold positions. The long/short ratio across major derivatives desks stands at 66.3% long versus 33.7% short, so positioning has not flipped bearish despite the drawdown and sentiment reading.

Technically, BTC shows a bearish pivot at $62,514.85. Support levels sit at $61,898.42, $60,297.42 and $57,800.19, with resistance at $62,555.24, $65,584.39 and $67,369.22. RSI(14) reads 46.0 — neutral, not oversold.

Altcoin liquidations concentrate hard in SOL

Solana absorbed by far the largest altcoin liquidation total outside BTC and ETH, at approximately $201.97 million over 24 hours. XRP liquidations came in at $8.13 million and ADA at roughly $8.9 million — an order of magnitude smaller than SOL’s exposure.

Dogecoin fell about 1.6% with up to $2.3 million liquidated in four hours. SUI and AVAX declined 1.1% and 1.4% respectively, both skewing toward heavier short-side liquidations. The higher beta of smaller-cap tokens to BTC continues to amplify both the initial move and the forced-selling cascade that follows.

Read more: BTC Futures CVD Flips to -$500M as Longs Absorb $47M in Forced Selling Near $61K

Sources

• coinotag.com