According to a post by Binance, the crypto market experienced ≈ $528 million in liquidations over a

Another source (ChainCatcher) reports that in the same timeframe the total liquidations were ≈ $556 million, with long positions ≈ $271 million and shorts ≈ $285 million.

In a larger context, the crypto market also recently had a historic liquidation event of over $19 billion in 24 hours.

So the $528 million number appears to refer to one specific slice of liquidations (perhaps long positions on a particular exchange or derivative market), rather than the full market

Leverage risk: Liquidations usually happen when traders are using margin/leveraged positions. A sharp move against their bet triggers forced exits, which exacerbate price moves.

Market sentiment: A large liquidation event can spook markets, reduce appetite for risk, and trigger further selling — a cascade effect.

Structural signals: Even though $528 million is relatively modest compared to multi-billion events, it suggests there is still significant leverage in the system and that traders are vulnerable to sharp moves.

Short vs long pressure: The ChainCatcher data showing nearly balanced long/short liquidations (≈ $271 m long vs $285 m short) suggests the move wasn’t purely a long squeeze — both sides are under pressure.