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BTC fell below the $60,000 mark on Binance, trading at $59,352.01 and down 7.10% over 24 hours, after touching an intraday low of $59,141.00. ETH held up comparatively better at $1,554.97, off 1.79% on the day, having hit a low of $1,543.33.
The price action flushed leveraged positioning across the market. CoinGlass data shows roughly $462.52 million in crypto derivatives positions liquidated in a four-hour window — $393.31 million of that on the long side and $69.21 million on the short side, a roughly 6:1 long-to-short ratio that confirms the move was a long squeeze, not a two-sided flush.
Why it matters
Disproportionately one-sided liquidations of this size tend to be cascading events — the initial move triggers stop-outs, which deepens the move and triggers the next stop-out tier. The $393M long-side figure suggests a large cohort of leveraged longs was positioned for a bounce off prior support and got run over when support failed.
Market impact
Cascades of this scale typically reset funding rates sharply negative on the way down, which mechanically incentivises new short positioning to pay longs — a setup that often produces a relief bounce once the forced selling exhausts. With BTC now testing the $59K handle and the long side already washed out, the next session opens with positioning cleaned up rather than crowded.
Source: [Bitcoin Liquidations, Cryptocurrency Liquidations, Real-Time Liquidation Heatmap, Binance Liquidations | CoinGlass](https://www.coinglass.com/liquidations)
Frequently asked questions
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What happened to BTC's price?
BTC fell below the $60,000 mark on Binance, trading at $59,352.01 and down 7.10% over 24 hours, after touching an intraday low of $59,141.00.
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How much in crypto derivatives positions was liquidated?
CoinGlass data shows roughly $462.52 million in crypto derivatives positions were liquidated across the market in a four-hour window, with $393.31 million in longs and $69.21 million in shorts.
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Was the sell-off a long squeeze or a two-sided flush?
The long-to-short liquidation ratio was roughly 6:1, confirming the move was a long squeeze cascade rather than a two-sided flush of leveraged positioning.
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How did ETH perform during the BTC drop?
ETH held up comparatively better, trading at $1,554.97 and down 1.79% over 24 hours after touching a low of $1,543.33.
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What typically happens after a cascade of this size?
Cascades of this scale usually reset funding rates sharply negative on the way down, which mechanically incentivises shorts to pay longs — a setup that often produces a relief bounce once forced selling exhausts.
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