Crypto Liquidations Hit $353M in 24 Hours

The 4:1 skew toward long liquidations suggests the move caught a crowded bullish side off guard, pointing to excess leverage built up on the way up. This matters less for the headline number than for what it says about positioning fragility: a single sharp repricing was enough to force nearly $300M in forced selling. The question worth watching is whether this clears out enough leverage to reset the market, or if positioning remains stretched and prone to another flush.