Over the past 24 hours, network-wide futures liquidations in the crypto market reached $1.233 billion, including $1.089 billion in long liquidations and about $144 million in short liquidations. Based on total liquidations and long liquidations, longs accounted for about 88.3% of all liquidated value. The data is directly related to declines in BTC and ETH prices and the market deleveraging process.
From a long-short structure perspective, long liquidations were significantly higher than short liquidations, indicating that bullish positions faced more concentrated forced-liquidation pressure during this round of price adjustment. It is currently confirmed that declines in BTC and ETH were an important backdrop for this futures market adjustment. As the primary trading assets in the crypto market, BTC and ETH price changes often occur in tandem with changes in leveraged positions in the futures market, and the network-wide liquidation data also reflects this broad adjustment characteristic.
The long share of about 88.3% is not a separately disclosed metric but is calculated from the $1.233 billion total liquidation amount and the $1.089 billion long liquidation amount, to more intuitively reflect the long-short liquidation structure. Overall, long liquidations accounted for the overwhelming majority, indicating that during the BTC and ETH downtrend, passive closures of long positions were more concentrated, rather than shorts being margin-called or covered in a rally.
Futures liquidation data is an important indicator for observing leveraged fund behavior. When major underlying assets experience sustained price fluctuations, highly leveraged positions are more likely to trigger forced liquidations, thereby amplifying price adjustments in the short term. The $1.233 billion in network-wide liquidations shows that the adjustment was not a small-scale event involving individual tokens or a single platform, but a position clearing at the level of the entire futures market. Meanwhile, available public data does not provide liquidation distribution by trading platform, nor separate liquidation amounts for BTC, ETH and other tokens, so it is impossible to further determine which platform or token contributed the main pressure.
For futures market participants, the long-dominated liquidation structure indicates that the most prominent feature of this liquidation data is the concentrated forced liquidation of previously accumulated long positions during the BTC and ETH decline. Based on available data, liquidation pressure was concentrated in longs. Previously bullish sentiment faced rapid risk release when short-term market conditions reversed, but this only reflects position changes that have already occurred and does not constitute a judgment on future price direction.
Going forward, several areas should be watched: first, whether total network-wide liquidations continue to rise; second, whether the long liquidation share remains high; third, whether BTC and ETH price volatility triggers a new round of futures position adjustments. If the long share declines later, it may mean the pressure structure is changing; if total liquidations continue to expand, it would indicate that the leveraged fund clearing process is not over. These observations are based only on changes in public data and do not constitute a forecast of price trends.
Overall, $1.233 billion in network-wide futures liquidations and $1.089 billion in long liquidations over the past 24 hours represent a relatively concentrated deleveraging event in the current crypto futures market. Its core is not short-term volatility in a single token, but concentrated liquidation of long positions amid declines in BTC and ETH. Going forward, tracking should continue around the total liquidation scale, the long share and price changes of major underlying assets; before more data is released, judgment on the scope of impact should remain cautious.