Liquidations hit $110M in 4 hours, BTC leads

The liquidation skew heavily toward longs suggests a sharp, forced deleveraging event rather than a broad market shift. Bitcoin's outsized share of the flow indicates it remains the primary conduit for leveraged positioning, making its price action the key signal for whether this cascades. The relatively small short liquidation figure implies sellers are not being squeezed, so the pressure is one-directional for now. What matters next is whether funding rates and open interest reset to levels that discourage immediate re-leveraging, as that would determine if this is a one-off flush or the start of a deeper correction.