The leveraged crypto market took a beating over the past 24 hours. Per data from Coinglass, total liquidations hit $1.12 billion. Long traders got squeezed hardest, accounting for roughly $949 million of that figure.
Longs bore the weight
It wasn't a balanced flush. Nearly 85% of the total came from long positions. That's a signal that the market was positioned for a rally that didn't come. Instead, Bitcoin dropped below $63,000 and kept falling, testing the $62,500 support level. The move liquidated overleveraged bets quickly.
Bitcoin's support test
Bitcoin's price hovered under $63,000 during the selloff. Traders watched the $62,500 line closely — it's a level that's held in recent weeks. Whether it holds now is the open question. The next few hours could determine if this is a brief shakeout or the start of a deeper correction.
Scale of the wipeout
A billion-dollar liquidation event isn't rare in crypto, but it's still notable. The last time a flush of this size happened was a few months ago. The speed matters: most of these liquidations happened within a few hours, not drawn out over a day. That suggests automated stop-losses and margin calls cascaded as prices dropped.
Coinglass data doesn't break down which exchanges saw the most liquidations, but major platforms like Binance and Bybit typically handle the bulk of leveraged trading volume. No single exchange has reported unusual issues so far.
For now, focus shifts to Bitcoin's ability to defend $62,500. If it breaks lower, the next major support sits around $60,000. If it holds, a relief bounce could rebuild some long confidence — but that's a big if right now.
