Crypto liquidations hit $699M in 24 hours, longs lose $650M

The lopsided split — longs absorbing the overwhelming majority of forced closures — points to a leveraged positioning flush rather than a broad-based risk event, with ETH's outsized share suggesting the move was concentrated in the second-largest asset rather than a Bitcoin-led drawdown. That distinction matters for reading follow-through: cascading long liquidations can clear crowded positioning and reset funding, but they can equally signal that momentum traders were caught offside. Whether the ETH-heavy skew reflects a durable shift in where leverage is building, or a one-off air pocket, is the open question.