24h liquidation snapshot shows ETH leading the wipe with ~$27M cleared, followed by BTC ~$20.7M. That already tells you the move wasn’t random — leverage was stacked heavy on the majors.

What stands out is direction: this was mostly longs getting flushed, not shorts. ETH especially had too many traders leaning the same way, and price did what it always does — punished consensus.

SOL, ZEC and “Others” also saw decent clears, but nothing compared to ETH/BTC. That’s typical when the market wants to reset risk before the next leg.

Big takeaway:

This wasn’t panic selling.

This was position cleanup.