Approximately 309 million dollars in long crypto positions were forcibly closed over the past 24 hours, marking a sharp deleveraging event. Bitcoin and Ethereum absorbed the largest share of liquidations across major exchanges including Binance, OKX, Bybit, and Hyperliquid. Long positions accounted for the vast majority of the damage, consistent with the 70-80% skew typically seen during downside moves in crypto markets. September 2026 has been marked by heightened volatility, with multiple days seeing total liquidations exceed 600 million dollars. A modest 3-4% dip in spot price can trigger hundreds of millions in forced selling through the mechanical cascade inherent to perpetual futures contracts.
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