Bitcoin Liquidations Hit $684 Million in 24 Hours
Short sellers absorbed $422 million in losses as a macro-driven squeeze forced out leverage.
Total crypto liquidations reached $684 million over the last 24 hours. Short positions accounted for $422 million of this total. Long positions made up the remaining $261 million. Approximately 100,000 traders were forced to close their accounts.
Ethereum derivatives led the losses with $262 million in forced closures. Bitcoin derivatives followed with $182 million in liquidations. The largest single event was a $20.28 million short position on Hyperliquid. GN markets/crypto (en-US) reports that these figures reflect a sharp reversal in price momentum.
Macro data triggered the squeeze
US producer price index data came in higher than expected. This result added to inflationary concerns alongside rising oil prices. Bond yields climbed during the session. Market expectations for Federal Reserve rate policy shifted against risk assets.
Traders had positioned for further downside based on these macro headwinds. Prices reversed sharply instead. This move triggered a cascade of forced buy orders from exchanges closing short positions. The short-to-long liquidation ratio stood at 1.6 to 1.
Exchange volumes surged during the event
Binance, Hyperliquid, Bybit, OKX, and Gate.io all reported significant volume spikes. Bitcoin traded near $77,000 at the time of the report. This price level reflects the intensity of the recent swings. The forced buying pressure from short liquidations supported the asset price.
Leverage levels drove the losses
Ethereum traders held higher leverage than Bitcoin traders. This resulted in greater losses for the ETH cohort despite lower total volume. The $684 million total is significant but not unprecedented for 2026. Daily liquidations have exceeded $1 billion during peak volatility periods this year.
