Liquidations Hit $681M in 24H, Shorts Bear Brunt

The asymmetry matters more than the headline figure: shorts absorbing roughly two-thirds of the damage points to a squeeze-driven move rather than broad deleveraging, which tends to amplify upside momentum while it lasts but leaves positioning lighter afterward. The read-across is mainly for leveraged traders and venues whose liquidation engines were stress-tested at this scale. Whether the move was a one-off squeeze or the start of a positioning reset is the open question, and the follow-through in funding and open interest is where that shows up.