Ethereum leads $111 million crypto liquidation as shorts unwind

More than $111.7 million in leveraged crypto positions were liquidated over the past 24 hours, with Ethereum accounting for the largest share, CoinGlass data shows. Bitcoin traded near $64,000 and Ethereum around $1,800 as of the latest reading.

The liquidation cascade accelerated during a four-hour window when $8.58 million in positions were forced closed, with short bets absorbing 66% of the total at $5.67 million, according to CoinGlass. Binance concentrated the largest share of the pain at $4.27 million, or 49.8% of the four-hour total, with shorts accounting for 58.8% of that figure. Hyperliquid recorded the most lopsided ratio — $1.45 million in liquidations, of which 99.1% were short positions, a textbook squeeze signature. OKX followed with $1.09 million liquidated at a 65.2% short skew, while Gate logged $601,300 with shorts at 80.8%. Bybit bucked the trend: its $768,290 in liquidations leaned long at 58.3%, the only major exchange where bulls carried the heavier losses.

Across the full 24-hour window, Bitcoin registered $23.22 million in forced closures and Ethereum $16.91 million, while combined altcoin liquidations reached $14.73 million. Among altcoins, Solana logged $4.10 million in liquidations with a 62% long bias alongside a 2.44% price gain, as buyers retained control despite the churn. Dogecoin posted a 53% long bias and a 3.18% advance. Not every token followed the same script — FLOKI carried a 57% short share and slipped 2.02%, while Optimism showed a 52% short bias and fell 3.21%, illustrating a market trading in two directions at once.

The divergence between a Fear & Greed Index reading of 26 out of 100 — firmly in fear territory — and the upward price pressure from short covering suggests the rally is driven by positioning unwinding rather than fresh conviction buying. Bitcoin dominance stood at 69.7% with total crypto market capitalization near $1.85 trillion, indicating capital continues to favor the largest assets even as leverage is flushed from the system. The episode shows how concentrated leverage remains the primary source of short-term volatility in crypto markets, with residual long positions at risk if macro headwinds from interest rate uncertainty persist. Digital assets have now posted three consecutive quarterly losses through Q2 2026, the longest losing streak since the 2022 bear market, as institutional capital rotated into AI equities and Bitcoin ETFs recorded their largest quarterly outflow since launch.

This article is for informational purposes only and does not constitute investment advice.