Long bets take the hit
Crypto traders who bet on higher prices absorbed most of the damage in the latest selloff. About $1.29 billion in long positions were forcibly closed over the past 24 hours, according to CoinGlass data cited in the report. By Friday morning in Asia, total liquidations had reached $1.53 billion. Longs made up 83.8% of that total.
The timing matters. Roughly $1.37 billion of the closures happened in the latest 12 hours, including $1.23 billion from longs. That suggests the move accelerated as prices fell and margin calls stacked up. Perhaps some traders expected a quick bounce after Thursday’s Binance news. Instead, the market kept sliding.
Prices slide after Binance breach
The forced selling followed Binance’s disclosure of a security breach on Thursday. The exchange estimates the incident affected about $6.3 billion in assets. Binance has said it will cover losses and has suspended deposits and withdrawals while it runs security checks.
Bitcoin fell as low as about $76,460 before recovering toward $78,500. Ether traded near $2,240 after slipping below $2,200. Solana, XRP and dogecoin also moved lower. When margin positions are closed, exchanges often send sell orders into a falling market, which can add pressure.
Binance leads exchange liquidations
Bitcoin positions accounted for about $499 million in liquidations. Ether followed with $358 million. Together they made up more than half the market-wide total. Solana saw $82.6 million, XRP $38.1 million and dogecoin $18.6 million.
Binance recorded $754.6 million in forced closures, or 49.2% of the total. About $670.6 million of that came from longs. Hyperliquid followed at $251.4 million, while Bybit had $186.5 million. The largest single liquidation tracked by CoinGlass was an $11 million bitcoin long on Binance.
Shorts caught in the rebound
The bounce also began to hurt traders betting on more declines. Shorts accounted for $57.3 million of the $85 million liquidated in the latest four hours. In the latest hour, they made up $20.6 million of $21.6 million, about 95%.
Closing a short requires buying back the position. So traders caught offside on the recovery can help push prices higher as they exit. The move is small compared with the long wipeout, but it shows how quickly sentiment can flip.
