Crypto markets saw a violent pullback over the past 24 hours, triggering a massive wave of forced liquidations on derivatives exchanges as leveraged long positions were wiped out. Derivatives tracker CoinGlass shows total liquidations topped roughly $650 million in the last day, with longs bearing the brunt — about $584 million, or nearly 90% of the total. That skew highlights how asymmetric the move was: rapid price drops hit leveraged long bets first and hardest. What a liquidation means: when a leveraged position accumulates losses beyond an exchange’s maintenance threshold, the platform automatically closes it. The more leverage a trader used, the smaller the move required to trigger that closure — which is why sharp swings often produce outsized liquidations. Ether, not Bitcoin, was the biggest casualty this time. ETH-related contracts made up the largest share of the event, with roughly $235 million liquidated, outpacing Bitcoin’s roughly $186 million. That likely reflects a larger drawdown in ETH over the window. Among altcoins, Solana led with about $37 million wiped out, followed by XRP at $16 million and Dogecoin at $12 million — notable for SOL despite its relatively smaller losses. On-chain metrics add another angle to the story. Glassnode’s Active Realized Price — the cost basis of currently active Bitcoin holders — sits at about $87,900, which is above today’s spot price. With BTC trading around $87,200 at the time of writing, that implies active participants are, on aggregate, sitting at net unrealized losses after the recent dip. Price snapshot: Bitcoin is trading near $87.2k and is down more than 3% over the past seven days as the market digests the liquidation cascade and attendant volatility. Read more AI-generated news on: undefined/news