Crypto Liquidations Hit $294M in 24 Hours, Shorts Dominate

The skew matters more than the total: shorts absorbing roughly three-quarters of the damage points to an upside squeeze rather than broad deleveraging, which is a different market condition than a long cascade. That ETH liquidations outpaced Bitcoin, and the single largest order was an ETH pair, suggests the move was concentrated in the second-largest asset rather than a uniform repricing. Whether that short-heavy positioning persists or flips is the open question, since it shapes how much fuel remains for further squeezes.