TLDR
Bitcoin (BTC) liquidations flipped this week: early short squeezes near $94,000 were followed by a long flush as price dipped below $90,000, with 24h liquidations around $450$477 million per a market update.
- Short squeeze first, then long liquidations dominated as BTC failed to hold $94k and lost $90k support (analysis).
- Largest single liquidation was on Hyperliquids BTC-USD (~$11.28M) amid a broader $447M 24h event (exchange summary).
- Drivers included ETF outflows (~$486M in a day) and re?expanding futures open interest, increasing squeeze risk (report).
Deep Dive
1. Sequence Flipped
The week began with shorts getting squeezed as BTC rallied toward $94k, then shifted to longs being liquidated when price fell below $90k. Reports show a short-squeeze impulse followed by a long flush, with longs accounting for over 90% of the 24h liquidations during the drop below $90k per a market update. A summary noted $460M crypto longs squeezed as BTC slipped under $90k, highlighting the momentum reversal (analysis).
Watch the balance of long vs short clusters; swift flips around key levels (near $94.5k resistance and $90k support) can quickly change which side gets liquidated.
2. Magnitude and Breakdown
Reported 24h liquidations ranged ~$447M$477M, with specific sessions dominated by longs (over 90%) during the downside move (market update). Earlier in the week, shorts were heavily liquidated into the push toward $94k, consistent with short-squeeze commentary on social and market trackers (analysis). The largest single liquidation cited was on Hyperliquids BTC-USD (~$11.28M) within a $447M 24h cycle (exchange summary).
Elevated leverage means small price moves can cascade into large forced exits. Position sizing and leverage discipline matter more than usual.
3. Drivers: ETF Flows and Leverage
Spot BTC ETFs saw ~$486M net outflows in a single day, coinciding with a broad liquidation wave and risk-off tone (report). Separately, weekly commentary noted futures open interest re?expanding, which tends to increase squeeze risk when price tests range edges (analysis). The combination of heavier leverage and shifting ETF flows set up both the initial short squeeze and the subsequent long flush.
Monitor open interest and funding alongside ETF flow direction. Rising OI into resistance plus net outflows can sharpen liquidation cascades.
Conclusion
BTC liquidations shifted from short squeezes to long flushes as price failed above $94k and then lost $90k, with multiple 24h windows in the $450$477M range. The key causal links were leverage buildup, re?expanding open interest, and spot ETF outflowsmaking liquidations more sensitive to tests of $94.5k resistance and $90k support. Keeping an eye on OI, funding, and ETF flow direction can help anticipate where the next liquidation cluster is likely to hit.
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