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A huge drop hit the crypto market over the past 24 hours. A total of $383 million in positions were liquidated. But the funny thing is, short position holders were hit the hardest—$256 million versus $127 million for long positions.
In Bitcoin, $194 million was cleared, and in Ethereum, $98.5 million. A total of 87,431 traders got caught up in this round. And the biggest drop was on Hyperliquid—an entire position of $1.33 billion went in directly on the BTC-USD pair. When the market moves like this, leverage traders always end up becoming vulnerable.