Crypto liquidations hit $355M in 24 hours, longs bear the brunt

The long-heavy split signals a leveraged market caught offside by a downside move rather than a broad deleveraging, which tends to leave residual fragility in positioning. ETH liquidations outpacing BTC is the more telling detail, suggesting the pain concentrated in higher-beta altcoin exposure rather than bitcoin itself. The largest single liquidation landing in an obscure pair like SOXSUSDT hints that tail risk is building in thinner, more exotic instruments. Whether that concentration broadens into majors is the open question worth tracking.