How many derivatives liquidations today?

TLDR

Roughly around $2 billion in crypto derivatives positions were liquidated over the past 24 hours, reflecting heavy forced unwinds during a volatile session per a market recap.

1. Longs took the hit, with about $1.78 billion in long liquidations versus ~$129 million in shorts per a news brief.
2. Bitcoin led liquidations at roughly $960 million, with Ethereum near $403 million per a separate update.
3. The largest single liquidation was about $37 million on Hyperliquid, highlighting concentrated leverage pockets per a market report.

Deep Dive

1. Longs vs Shorts

Most of the wipeout came from leveraged longs, indicating a classic deleveraging cascade where declining prices trigger forced selling that accelerates downside as noted above. Open interest fell alongside price during the flush, a sign that positions were closed rather than quickly re?established, which often tempers near?term leverage risk per an analysis.

2. Leaders by Impact

Bitcoin (BTC) and Ethereum (ETH) accounted for the majority of liquidations by notional size, consistent with their larger open interest bases and deeper derivatives markets as covered above. The session also coincided with a heavy options landscape that can amplify moves when spot slides through key strikes context on expiry pressures.

3. Largest Single Print

A roughly $37 million BTC position on Hyperliquid was the days largest single liquidation, illustrating that meaningful leverage sits on both centralized and decentralized perps venues as noted above. High?ticket liquidations tend to occur during rapid price gaps, when depth thins and liquidation engines sweep order books.

Conclusion

Todays tape shows a high?volatility deleveraging day, with about $2 billion in 24?hour liquidations dominated by longs and led by BTC and ETH. If open interest rebuilds quickly, liquidation sensitivity could remain high; if it stays compressed, price action may normalize but remain reactive around options and macro catalysts.