Crypto Liquidations Hit $277M in 24 Hours, Longs and Shorts Both Wiped

The near-even split between long and short liquidations is the tell: this was a violent two-way shakeout rather than a one-sided trend break, which typically signals a leverage flush in a choppy range. The concentration in BTC and ETH suggests the pain sat in the majors, not in altcoin froth, and the outsized single liquidation on HTX points to thinner venue depth absorbing the same move. Whether that imbalance between venues persists is the open question.