How much were derivatives liquidations today?

TLDR

Derivatives liquidations today were about $640780 million over the past 24 hours, depending on the data cutoff, per reports that liquidations reached $641 million and rose to over $781 million (market wrap, crash update).

1. Longs made up roughly ~90% of liquidations, indicating a bull?heavy wipeout (investing brief).
2. The largest single print was about $14.48 million on an ETH?USDC position at Binance (investing brief).
3. Venue distribution was broad, with Binance, Hyperliquid, and Bybit each seeing >$160 million cleared (investing brief).

Deep Dive

1. Magnitude Range

The days liquidation total sits in a wide band because different reports use slightly different windows. One summary tallied $641 million in 24h liquidations tied to an overnight cascade in thin liquidity hours (market wrap). Another noted a surge to over $781 million as risk unwinds accelerated across majors (crash update).

• Thin depth plus leverage can turn small moves into cascades, particularly late weekend and early Monday when market makers are less active (market wrap).
• BTC and ETH led the wipeouts in the higher estimates, with BTC near $311 million and ETH around $167 million within that 24h window (crash update).

2. Positioning Imbalance

Reports indicate the selloff was dominated by long liquidations, with longs comprising nearly 90% of the totaltypical when crowded bullish positioning meets a sharp drawdown (investing brief).

• Long?heavy unwinds can push price below near?term supports and mechanically extend momentum until margin calls are cleared (investing brief).
• Funding and open interest often reset after these events, cleaning positioning but keeping volatility elevated.

3. Largest Prints And Venues

The days largest single liquidation was an ~$14.48 million ETH?USDC position on Binance, and total venue?level clears topped $160 million each at Binance, Hyperliquid, and Bybit (investing brief).

• Concentration across multiple major venues suggests the move was broad rather than isolated.
• Large single prints are typical in fast moves when high?notional positions trip margin thresholds.

Conclusion

Todays liquidation wave reflects leveraged long positioning meeting thin liquidity, producing a mechanical cascade. The totals vary by window, but the range around $640780 million and the long?heavy skew capture the core picture. If volatility remains high, watch funding, open interest, and market depth for clues on stabilization versus further resets.