The cryptocurrency market witnessed a surge in liquidations over the past hour, wiping out nearly $247 million in leveraged positions.
Despite a broader market cap recovery to $3.97 trillion, traders betting against the trend found themselves on the losing side.
According to the latest data, the bulk of these liquidations came from short positions, which accounted for $207 million. Meanwhile, longs lost around $40 million, signaling that a wave of bullish liquidations followed a sudden upward move across major assets.
The liquidation heatmap shows Ethereum (ETH) at the center of the storm, with over $147 million erased, far surpassing Bitcoin’s $42.8 million.
Solana (SOL) and XRP also saw significant liquidations, at $11 million and $5.6 million, respectively.
Interestingly, while the heatmap is dominated by red, reflecting widespread short liquidations, the 24-hour trading volume surged by 15% to $189.7 billion, showing that volatility has attracted strong participation across the market.
This pattern suggests that bears underestimated the strength of the latest bounce, particularly after Ethereum’s outsized liquidations.
If momentum continues, more short squeezes could be on the horizon, adding fuel to the ongoing rally.
With total liquidations approaching a quarter billion dollars in just one hour, traders are reminded once again of the risks that come with leverage in such a volatile environment.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Source: https://coindoo.com/over-200-million-in-shorts-liquidated-in-one-hour-ethereum-leads-the-wipeout/