The overwhelming majority of the losses came from long positions, which accounted for more than $218 million, while shorts saw only about $8 million liquidated.

Ethereum traders bore the brunt of the impact, with more than $107 million in ETH positions closed, making it the largest single-asset liquidation event of the day. Bitcoin followed with over $55 million liquidated, while Solana, XRP, and BNB also faced notable wipeouts of $10.1 million, $5.5 million, and $5.6 million respectively.

The mass liquidations coincided with a broader market downturn. Bitcoin fell below $111,000, sliding 3.3% in the past 24 hours and over 6% on the week. Ethereum dropped even harder, losing 6.5% in 24 hours and 15% over the past seven days, trading near $3,905. Solana faced one of the steepest declines among major altcoins, down more than 21% on the week to $196.

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Other top cryptocurrencies also posted heavy losses. XRP slipped nearly 6% in a day, Cardano tumbled 6.5%, and Dogecoin was down over 8%. Across the board, altcoins showed weakness, amplifying pressure on leveraged long traders.

With nearly all major tokens flashing red and over $200 million in longs erased in one hour, analysts warn that markets may remain volatile in the short term. High leverage continues to play a pivotal role in intensifying moves, leaving traders vulnerable to sudden liquidation cascades.

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