Crypto liquidations hit $214M in 24 hours, longs dominate

The long-heavy skew signals that leveraged positioning had built up on the bullish side and was flushed out by a downside move rather than a squeeze of shorts. That distinction matters for traders carrying leverage across major pairs, since it points to crowded longs being the fragile part of the book. The concentration in BTC and ETH liquidations, alongside a single large HYPERLIQUID-BTC-USD order, suggests the damage was broad rather than isolated to one venue. Whether open interest and funding rebuild in the same direction is the open question.