Crypto liquidations hit $196M in 24 hours, longs dominate

The long-heavy split points to a leveraged market caught offside by a downward move rather than a broad deleveraging event, and the concentration in BTC and ETH suggests the pain sat in the most liquid, most crowded trades. That the largest single liquidation was an ETHUSDT order on Binance is a reminder that venue-level order flow can amplify moves well beyond the headline total. Whether the long skew persists into the next session, or flips as shorts get flushed, is the open question worth watching.