BTC Longs Eat 62% of $327M Liquidation Wave as Funding Stays Positive

Crypto derivatives markets shed roughly $326.58 million in leveraged positions over the past 24 hours, with Bitcoin sitting at the center of the unwind. Long positions absorbed $200.55 million of the damage, or 62%, while shorts accounted for the remaining $125.5 million, or 38% — a skew that points to a broad leverage flush rather than a one-directional capitulation.

BTC was last trading near $62,134.94, down 2.15% on 24-hour volume of $16.74 billion, with a session range between $61,544.56 and $63,761.99. Ethereum slipped to roughly $1,734. The largest single four-hour BTC liquidation spike reached approximately $71.38 million, narrowly ahead of ETH’s $69.56 million four-hour peak — evidence of how tightly the two largest assets remain correlated during deleveraging events.

Exchange-level dispersion signals two-sided market

Liquidation flow diverged sharply by venue over the trailing four-hour window. Binance processed the largest share at roughly $8.23 million, or 42.54% of the total, with 57.84% of that coming from short positions. OKX followed with about $3.32 million (17.14% of the window), but the imbalance there was far more pronounced, with shorts making up 81.09% of the cleanout.

Hyperliquid recorded roughly $2.48 million in liquidations (12.82% of the window), but longs dominated at 80.97% — the inverse of OKX’s profile. Gate showed a similarly short-skewed pattern, with about 79.08% of its liquidations hitting downside bets. The venue-by-venue split suggests no single directional trend held long enough to punish one side of the book consistently, a hallmark of a choppy, two-way tape rather than a clean directional flush.

BTC dominance holds near 70% as sentiment turns defensive

Total crypto market capitalization stood at $1.79 trillion, with Bitcoin dominance at 69.6%. The Fear and Greed Index registered 20 out of 100, reflecting extreme fear positioning even as BTC’s funding rate held at +0.0065%, meaning longs were still paying shorts. The long/short ratio on major derivatives desks showed 66.3% long exposure versus 33.7% short, indicating that despite the pullback, positioning had not fully flipped bearish.

Bitcoin’s technical setup showed a bearish pivot at $62,514.85, with support levels at $61,898.42, $60,297.42 and $57,800.19, against resistance at $62,555.24, $65,584.39 and $67,369.22. RSI(14) printed 46.0, sitting in neutral territory rather than signaling oversold conditions outright.

Altcoin liquidations concentrate in SOL

Outside of BTC and ETH, Solana carried the heaviest liquidation load among altcoins at approximately $201.97 million over 24 hours — the largest figure of any asset outside the top two. XRP liquidations totaled $8.13 million and Cardano’s ADA came in near $8.9 million.

Dogecoin fell roughly 1.6% with up to $2.3 million liquidated in four hours, while SUI and AVAX declined 1.1% and 1.4% respectively, both showing heavier short-side exposure. The pattern across smaller-cap tokens reflects their higher beta to Bitcoin, amplifying both the initial move and the forced-selling cascade that followed.

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