Crypto Futures Liquidations Hit $297M in 24 Hours, Longs and Shorts Both Wiped

The near-even split between long and short liquidations points to a two-way squeeze rather than a one-directional flush, a signature of choppy, range-bound conditions where leverage on both sides gets punished. ETH outpacing BTC in liquidated value suggests the volatility was concentrated in the second-largest asset, which matters for traders carrying directional exposure across majors. The single large Binance BTCUSDT order shows how quickly size can be forced out when liquidity thins. Whether this two-sided deleveraging continues or gives way to a cleaner trend is the open question worth watching in funding rates and open interest.