The crypto market saw $271 million in positions liquidated over 24 hours, according to Coinglass data. Long positions accounted for $228.2 million, nearly five times more than short positions ($42.8 million). Bitcoin was the hardest hit with $120.2 million in long liquidations, followed by Ethereum with $45.7 million. The ratio of $5.33 in long liquidations for every $1 in short liquidations reveals a sharp downward move that caught leveraged traders off guard. This event illustrates the significant role derivatives play in shaping cryptocurrency price dynamics.
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