The cryptocurrency market downturn triggered by Binance’s security breach has wiped out approximately $1.53 billion in leveraged positions over the past 24 hours, with traders betting on rising prices suffering the largest losses.
According to CoinGlass data, long positions accounted for nearly 83.8% of total liquidations, representing approximately $1.29 billion in forced closures. The selloff pushed Bitcoin, Ethereum and several major altcoins lower, leaving bullish traders exposed to substantial losses.
The liquidation pressure intensified during the latest 12-hour period, which recorded around $1.37 billion in forced closures. Long positions contributed approximately $1.23 billion of that figure.
The market turmoil followed Thursday’s security breach at Binance, which the exchange estimates caused an impact of approximately $6.3 billion in cryptocurrency assets. Binance has committed to covering the losses and temporarily halted deposits and withdrawals while conducting security inspections.
Bitcoin briefly declined to approximately $76,460 before recovering toward $78,500. Ether also fell below $2,200 before returning to around $2,240. Solana, XRP and Dogecoin experienced additional selling pressure during the same period.
In leveraged trading, investors use a relatively small amount of collateral to control larger positions. If the market moves against their trades beyond a certain threshold, exchanges automatically close those positions to prevent further losses.
When long positions are liquidated, the resulting forced selling can intensify an existing market decline, creating additional pressure on cryptocurrency prices.
Bitcoin and Ethereum Account for Most Liquidations
Bitcoin led the liquidation figures with approximately $499 million in closed positions. Ethereum followed with another $358 million, meaning the two largest cryptocurrencies represented more than half of all forced closures.
Other major assets also experienced substantial liquidations. Solana recorded approximately $82.6 million, XRP reached $38.1 million, and Dogecoin accounted for $18.6 million.
Among trading platforms, Binance recorded the highest liquidation volume at $754.6 million, representing approximately 49.2% of the market-wide total. Around $670.6 million of those closures involved long positions.
Hyperliquid ranked next with $251.4 million, while Bybit reported approximately $186.5 million.
CoinGlass also identified an $11 million Bitcoin long position on Binance as the largest individual liquidation during the period.
Bitcoin Recovery Begins Liquidating Bearish Positions
The market’s partial recovery has started creating problems for traders who positioned themselves for further price declines.
During the latest four-hour window, short positions accounted for $57.3 million of the $85 million in liquidations. The trend became more pronounced in the most recent hour, when $20.6 million of the $21.6 million in forced closures involved short trades, representing approximately 95%.
When exchanges close short positions, traders must buy back the assets they previously sold. This buying activity can add upward pressure to prices and potentially accelerate a recovery.
The latest liquidation data therefore shows a shift in market pressure. While bullish traders absorbed most of the losses during the initial selloff, the subsequent rebound is increasingly putting bearish positions at risk.
