Crypto liquidations hit $265M in 24h, longs bear brunt

The liquidation split—roughly 69% longs—signals a sharp deleveraging event rather than a broad market rout, with BTC and ETH absorbing the bulk of the pressure. This suggests leveraged bulls were caught off guard by a downward move, and the concentration in top assets hints at systemic risk in perpetual funding rates. The open question is whether this flush resets positioning enough to stabilize price action, or if cascading liquidations on smaller venues could amplify volatility. The absence of a single dominant exchange order beyond Binance's largest trade implies fragmentation, making exchange-specific leverage levels a key metric to monitor next.