Crypto liquidations hit $315M in 24 hours, longs account for $248M

The long-heavy skew of these liquidations points to a leveraged market caught offside by a downside move rather than a broad deleveraging across both sides. Ether's liquidation total exceeding Bitcoin's is notable, suggesting the pressure was concentrated in altcoin and higher-beta positioning rather than BTC alone. The largest single liquidation landing on a lesser-known venue also hints that tail risk is building outside the most liquid books. Whether the long bias persists into the next session is the open question.