CoinDesk
Leveraged crypto bulls betting on a price rally were forced out of $563 million in long futures positions over the past 24 hours, the largest single-day long liquidation since Feb. 6, when bitcoin cratered to nearly $60,000 and erased $1.84 billion in bullish bets. Ether took the heaviest damage at $244 million in liquidated longs, with bitcoin following at $160 million; the two tokens together accounted for the bulk of a market-wide unwind that purged crowded bullish leverage.
Short liquidations over the same window came in at just $65 million, underscoring how lopsided positioning had become going into the selloff. Bitcoin slipped 5% to $77,400 in the week ended May 17 and has since extended losses to trade just under $77,000, while ether fell 10% to $2,129, according to CoinDesk data.
Why it matters
The wipeout didn't happen in a vacuum — it followed hotter-than-expected U.S. inflation data and the resulting climb in Treasury yields, with advanced economies worldwide also seeing bond yields rise and denting the appeal of zero-yielding risk assets like bitcoin. The episode landed even as the Clarity Act, the long-awaited U.S. digital-asset framework bill, cleared the Senate Banking Committee on Thursday, a meaningful regulatory tailwind that nonetheless failed to insulate leveraged traders from the macro cross-currents.
Market impact
The asymmetry between $563 million in liquidated longs and only $65 million in liquidated shorts is the cleaner read on positioning: the market was leaning one way, and a modest macro shock was enough to tip it. For traders, the takeaway is that regulatory progress can set a constructive medium-term backdrop, but it cannot offset rising real yields when leverage is stacked on the bullish side of the book. Watch the 10-year yield and next CPI print — the same inputs that drove this flush are the ones that will decide whether the unwind extends or stabilizes here.
Frequently asked questions
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How much was liquidated in the latest crypto long squeeze?
$563 million in bullish futures positions were forcibly liquidated over 24 hours, per Coinglass data. Short liquidations over the same window totaled just $65 million, highlighting how one-sided positioning had become.
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Which tokens absorbed the most damage?
Ether took the heaviest hit at $244 million in liquidated longs, followed by bitcoin at $160 million. Together, BTC and ETH accounted for the bulk of the market-wide unwind of bullish leverage.
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What triggered the selloff?
Hotter-than-expected U.S. inflation data lifted Treasury yields, and rising bond yields across advanced economies reduced the appeal of zero-yielding risk assets. The macro shock hit crypto despite a constructive regulatory backdrop.
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How does this compare to previous liquidation events?
It was the largest single-day long liquidation since Feb. 6, when bitcoin fell toward $60,000 and erased $1.84 billion in bullish positions. The current event was smaller in dollar terms but followed a similar pattern of crowded long positioning.
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Why couldn't the Clarity Act offset the losses?
The Clarity Act — a U.S. digital-asset framework bill — cleared the Senate Banking Committee on Thursday, a genuine regulatory tailwind. But rising real yields and inflation fears weighed on risk appetite broadly, and leveraged longs were unable to absorb the macro cross-currents.
CryptoSlate
WuBlockchain
Benjamin Cowen
CoinTelegraph