Crypto Liquidations Hit $393M in 24 Hours, Shorts Dominate

The skew is the story: shorts taking roughly twice the hit of longs signals a squeeze rather than a broad deleveraging, meaning the move was driven by forced buying as much as fresh conviction. Concentration in Bitcoin and Ether keeps the damage inside the majors, with the largest single liquidation landing on one Binance contract rather than spreading across venues. Whether the short-heavy imbalance persists or flips toward long liquidations is the level worth watching, since it would mark a shift from squeeze dynamics to genuine position unwinding.