Liquidations Hit $349M in 24H, Longs $205M

The split here is telling: longs took the larger share, meaning the wipeout came from downside moves rather than a squeeze higher. That points to a market where leveraged bullish positioning had built up and was caught offside, not one driven by a short squeeze. Whether the long-heavy skew persists in the next liquidation print is the open question — it would signal whether the flush actually cleared excess leverage or simply reset it.