Derivatives Desk: Hyperliquid Book Wiped 99.1% Short as $8.58M Squeeze Hits BTC Venues
A four-hour BTC bounce cleared $8.58M in leveraged positions, with shorts eating 66% of the damage and Hyperliquid's book almost entirely unwound.
Bitcoin’s move to $64,188.01 — a 0.16% daily decline against $8.11B in 24-hour volume, trading within a $63,656.00–$64,692.83 band — triggered $8.58 million in liquidations across a four-hour window. Short positions absorbed $5.67 million of that total, or 66.08%, versus $2.91 million on the long side. Exchange positioning data still shows a 58.4%/41.6% long-short split with funding at +0.0061% favoring longs, meaning bears kept adding size into a rally that ultimately forced them out.
Venue-Level Liquidation Split
Binance took the largest slice of the four-hour total at $4.27 million, or 49.79% of all liquidations, with $2.51 million of that (58.78%) coming from shorts. Hyperliquid showed the most extreme skew in the dataset: $1.45 million liquidated, with 99.1% of it short-side — near-total unwind of bearish exposure on the venue.
OKX followed with $1.09 million liquidated at a 65.22% short tilt, and Gate posted $601,300 with an 80.78% short concentration. Bybit was the outlier: its $768,290 in liquidations were 58.34% long-side, the only major venue where longs took the bulk of the hit during the move.
24-Hour Heatmap: BTC and ETH Dominate
Zooming out to the trailing 24 hours, Bitcoin accounted for $23.22 million in liquidations and Ethereum for $16.91 million — together exceeding the $14.73 million liquidated across every other token combined. Ethereum last changed hands near $1,800, still far below its all-time high, confirming BTC and ETH remain where leveraged open interest is most heavily concentrated.
Altcoin Positioning Diverges
Solana saw $4.10 million in liquidations while holding a 62% long bias and gaining 2.44% on the day. SNDK logged $3.95 million liquidated, SKL $2.99 million, and LAB $2.85 million. SIRE climbed 4.12% with a 55% long share, and Dogecoin added 3.18% with a 53% long tilt — a cluster of tickers where bulls stayed in control through the squeeze.
Elsewhere the positioning split the other way. FLOKI carried a 57% short share and dropped 2.02%, Optimism fell 3.21% on a 52% short tilt, PEPE slipped 0.48% at 54% short, and Arbitrum sat at 55% short. That divergence points to a bifurcated tape — majors and select altcoins riding the squeeze higher while concentrated short books kept a lid on several L2 and meme-coin tickers.
Macro sentiment gauges stayed defensive throughout: the Fear & Greed Index reads 26, Bitcoin dominance holds at 69.7%, and total crypto market capitalization sits near $1.85 trillion. The combination suggests crowded short leverage is still getting flushed on short-term bounces even as broader risk appetite stays muted.
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