According to Woofun AI, the price of Bitcoin broke through the psychological threshold of $80,000, currently trading at approximately $80,900, directly igniting a chain reaction of liquidations in the digital asset derivatives market. Over the past 24 hours, total liquidations reached as high as $152.06 million. In this deleveraging wave driven by the price rebound, short positions became the primary target of liquidation, accounting for $103.84 million, or 68.3% of the total, while long position liquidations totaled $48.22 million, representing 31.7%. A total of approximately 61,400 traders were forcibly closed out due to insufficient margin, causing severe fluctuations in market liquidity within a short period.
Breaking down this liquidation process along the time dimension, the closures were mainly concentrated in the recent 12 hours, accounting for roughly 60% of the 24-hour total. Over the past 12 hours, total liquidations reached $93.53 million, with short position liquidations surging to $79.28 million, representing 84.8% of the total. The more critical variable lies in the acceleration effect over the most recent 4 hours, during which $14.69 million of the $18.94 million in total liquidations came from short sellers. In the extremely short window of the most recent 1 hour, short positions further concentrated to $6.84 million out of the $7.95 million in total liquidations.
Woofun AI on-chain data shows that Binance exchange was the core battleground of this liquidation storm, contributing 47.8% of the total liquidation amount across all exchanges. The single largest liquidation event occurred on Binance's ETHUSDT perpetual contract short position, amounting to approximately $9.39 million, highlighting the concentration of liquidations on leading exchanges during highly volatile market conditions.
Divergence at the asset level was equally significant, with ETH surpassing BTC in liquidation scale to take the top spot. Over the past 24 hours, ETH's total liquidations amounted to $37.47 million, of which short position liquidations accounted for $30.67 million, or 81.8%, while long liquidations totaled $6.81 million. During the same period, ETH's price rose 1.67% to $2,355.93, with short sellers suffering concentrated losses due to incorrect directional bets. BTC followed closely behind with liquidations of $34.35 million, including $26.29 million in short liquidations, representing 76.5%, and $8.06 million in long liquidations. ETH and BTC combined accounted for $71.82 million in liquidations, representing 47.2% of the total market.
Among altcoins, ZEC stood out with $7.70 million in 24-hour liquidations, including $7.15 million from short positions, as ZEC's price surged 6.73% to $1,309.29 during the same period. NEAR's price climbed 5.82% to $4.709, with liquidations of $2.60 million, of which short liquidations accounted for $2.04 million. In contrast, SOL displayed different characteristics: despite its price rising 1.12% to $101.54, its long liquidation amount of $1.91 million slightly exceeded the $1.78 million in short liquidations, indicating that some long positions were forcibly closed out during the upward move.
This liquidation wave revealed the vulnerability of highly leveraged positions in the early stages of a trend reversal. As Bitcoin firmly established itself above $80,000, market sentiment shifted from cautious observation to chasing the rally, causing a large number of reverse short positions to be forcibly liquidated, which in turn amplified short-term price volatility. As the assets with the largest market capitalization weight, ETH and BTC together accounted for nearly half of the market's total liquidations, reflecting that mainstream coins remain the primary battleground for leveraged speculation. Notably, SOL's long liquidations slightly exceeded short liquidations, reflecting that pullbacks during the rally had already triggered some highly leveraged longs to exit. If prices continue to rise in the future, the remaining highly leveraged shorts will face greater liquidation risk, potentially triggering further liquidity squeezes. This is another typical deleveraging characteristic displayed by the derivatives market following multiple previous market fluctuations, and investors need to be wary of position management risks in a highly volatile environment.
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