Crypto derivatives markets recorded $144 million in contract liquidations over the past 24 hours, with long positions absorbing roughly two-thirds of the losses. The lopsided wipeout underscores persistent over-leveraged bullish positioning even as Bitcoin hovers near $69,500 and market sentiment sits deep in “Extreme Fear” territory.
$144M Liquidated in 24 Hours, Bulls Take the Bulk of the Hit
A total of $144 million in futures contracts were liquidated across the entire crypto derivatives network in the 24-hour window ending March 24, according to data compiled by CoinAnk. Long positions accounted for $96.33 million of that total, while short liquidations came in at $47.58 million.
24-Hour Liquidations — All Networks
$144M
Primarily long positions liquidated across the entire derivatives market in the past 24 hours.
That split means longs represented approximately 67% of all liquidations, a nearly 2:1 ratio over shorts. The imbalance points to a market where leveraged traders continued betting on upside despite weakening conditions, only to be flushed out by a downturn they failed to anticipate.
The liquidations were not isolated to a single exchange. The $144 million figure spans the full cross-exchange derivatives landscape, covering perpetual futures and standard contracts across major venues including Binance, OKX, and Bybit.
Bitcoin and Ethereum Lead Liquidations by Market Share
Bitcoin futures accounted for $45.30 million in liquidations, making BTC the single most-affected asset. Ethereum followed at $27.47 million. Together, the two largest cryptocurrencies by market cap represented roughly half of all liquidated volume.
BTC was trading at $69,580 at the time of the data snapshot, down 1.89% over 24 hours. The price has been oscillating in a $68,000 to $71,000 range, creating a choppy environment that punishes leveraged positions in both directions but particularly longs during downswings.
The remaining $71 million in liquidations was spread across altcoin perpetual contracts. While the CoinAnk data does not break down individual altcoin figures beyond BTC and ETH, the broad distribution suggests this was a market-wide flush rather than a token-specific event. Traders monitoring altcoin trading activity across exchanges will recognize the pattern: when BTC dips, leveraged altcoin longs get hit harder due to thinner order books.
What the Long-Heavy Liquidation Ratio Signals About Market Leverage
A $144 million liquidation day is not extreme by recent standards. Earlier in the week, separate reports noted single-day wipeouts exceeding $400 million. But the directional skew here is the more telling signal: longs continue to dominate the liquidation tally despite an environment that offers little reason for aggressive bullish leverage.
The Crypto Fear & Greed Index currently reads 11, firmly in “Extreme Fear” territory. That level of bearish sentiment would typically discourage new long positions, yet the 2:1 liquidation ratio suggests traders are still entering leveraged longs, likely attempting to catch a bottom or trade short-term bounces within the $68K-$71K range.
This dynamic, where rallies are driven more by short squeezes and liquidation cascades than by genuine spot inflows, has defined the recent market structure. Binance spot trading volume has dropped to its lowest level since September 2023, reinforcing that leveraged derivatives activity is disproportionately driving price action relative to organic buying.
For context, institutional interest in crypto products has continued at the strategic level, but that longer-term positioning has not translated into the kind of spot demand that would stabilize prices and reduce liquidation cascades in the short term.
Geopolitical uncertainty, particularly escalating U.S.-Iran tensions, and broader macro headwinds continue to weigh on risk assets. These factors have contributed to the bearish sentiment backdrop, making it especially dangerous for traders running leveraged long positions without tight risk management.
The key question for traders watching the derivatives market is whether the $144 million flush reduced enough open interest to stabilize prices, or whether significant leveraged long exposure remains in the system. If open interest has not meaningfully declined, the current $68K-$71K range could produce additional liquidation waves on any sharp move lower. Investors evaluating which crypto assets to hold through this volatility should factor in the elevated liquidation risk environment before sizing positions.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
