Crypto Liquidations Hit $400M in 24 Hours, Longs Dominate at $297M

The lopsided long-side skew is the tell here: this reads as a leverage flush rather than a broad directional repricing, with the damage concentrated in bitcoin and ether rather than spread across altcoins. That matters because forced selling of that shape can clear crowded positioning quickly, but it also leaves the market thinner and more reactive to the next move. Whether the long-heavy imbalance persists in subsequent liquidation data is the open question worth watching.