In the past 24 hours, the cryptocurrency market saw nearly $1 billion in liquidations. CryptoMeter data shows that leveraged long positions were the main losers, with BTC and ETH leading the decline, indicating clear signs of deleveraging in the market.

The vast majority of long positions were liquidated.

Approximately $979.7 million in positions were liquidated during this period. Of this, about $769.7 million were long positions and about $210.1 million were short positions. In other words, nearly 79% of the liquidations came from bullish positions.

BTC and ETH are under the heaviest pressure

Bitcoin saw approximately $299.4 million in liquidations in the past 24 hours, while Ethereum saw approximately $287.7 million. The combined total is close to $600 million, indicating that this pullback is not limited to altcoins but covers a wider range of mainstream assets.

Ethereum long positions were particularly crowded. CryptoMeter data shows that approximately $246.4 million in ETH long positions were liquidated, while only about $41.3 million in short positions were liquidated, meaning that about 86% of Ethereum liquidations came from long positions.

Zcash volatility amplification

Zcash also experienced significant liquidations, amounting to approximately $76.3 million. This followed a brief suspension of Zcash ecosystem activities due to Orchard network upgrades, which exacerbated market volatility.

The Zcash Foundation stated that user funds and privacy features were unaffected, but the protocol-level update still amplified price volatility.

Leverage sentiment remains aggressive.

Such liquidations often amplify volatility. Forced liquidation further depresses prices, especially when leverage is concentrated in one direction. Data also shows that despite the still unstable macroeconomic environment, traders continue to actively use leverage.