Crypto Liquidations Hit $1.33B in 24 Hours

The imbalance is the story: shorts absorbed roughly three-quarters of the wipeout, meaning the move caught bearish positioning rather than the crowded longs that usually fuel such figures. That points to a squeeze-driven rally, where forced short covering can exaggerate the move beyond what spot demand alone would justify. Whether the liquidated leverage was concentrated in a few venues or spread broadly is the open question, since clustered exposure tends to produce sharper follow-through volatility than a diffuse flush.