Liquidation Surge: $1.24B in 24h, Longs $742M

The long-heavy skew matters more than the headline total: when longs dominate liquidations, the move was a downside flush that forced leveraged buyers out, which can clear crowded positioning rather than signal fresh conviction in either direction. This lands hardest on high-leverage traders, not spot holders. The open question is whether the forced selling exhausts itself or becomes the first leg of a deeper deleveraging, and whether funding and open interest reset accordingly.