Short sellers bear the brunt of a $1.91 billion wipeout Short sellers absorbed the vast majority of Monday's carnage in crypto derivatives markets. Of the $1.91 billion liquidated across the
Short sellers absorbed the vast majority of Monday's carnage in crypto derivatives markets. Of the $1.91 billion liquidated across the industry in a single 24-hour window, $1.74 billion came from bearish positions caught off-guard by a sharp move higher in $BTC.
According to CoinGlass, 123,110 traders were liquidated during the period. Bitcoin positions accounted for the largest share at $1.14 billion, while $ETH contributed $510.29 million. The single largest order was a $48.80 million Bitcoin trade executed on Hyperliquid, the decentralized perpetuals exchange that has rapidly grown into one of the most active venues for leveraged crypto trading.
The bulk of the damage was concentrated in a narrow window. More than 90% of the total liquidations cleared in the final four hours of the period, pointing to a fast-moving, cascading dynamic rather than a gradual unwind.
$BTC traded around $68,500 on the day, up approximately 5.6%, with trading volume rising 45.62% compared to the prior session. The price move wrong-footed a derivatives market that had been leaning heavily short, triggering forced buybacks that pushed prices higher still.
The immediate price action reflected intense technical market mechanics rather than purely organic spot buying, as a buildup of bearish bets in derivatives markets triggered a cascade of liquidations as the price rose. These conditions created a classic short-squeeze scenario: as prices rose sharply, the resulting liquidations forced further buying, which escalated prices even higher and led to additional liquidations.
CoinGlass, which aggregates derivatives data from more than 30 exchanges including Binance, OKX, Bybit, and Deribit, is one of the primary sources traders and analysts use to track real-time liquidation activity.
Traders will now be watching funding rates closely. If those rates turn significantly positive, it could signal renewed leveraged long positioning, which often precedes heightened volatility, since derivatives volume frequently dictates short-term price discovery more than spot market fundamentals.
Sources:CoinGlass: Cryptocurrency Liquidation HistoryCryptoRank: What Is CoinGlass? Crypto Liquidation Data Explained
