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I took a look at CoinGlass data this morning, and it's crazy the liquidations we've seen over 24 hours — $826 million evaporated from the market. What struck me is that shorts took a real hit with $661 million in losses, while longs only lost $166 million. Clearly, the bears got punished.
Bitcoin contributed $375 million to this carnage, and ETH around $184 million. On CoinGlass, we also see that nearly 200k traders were liquidated at the same time — that's heavy. But what really shocked everyone was this massive liquidation on Hyperliquid, the BTC-USD pair, just over $15.7 million in one go. A single trade that ended like that.
CoinGlass data really shows how dangerous short-term positions can be when the market moves sharply. Cascading liquidations are always a pretty unpleasant spectacle to watch.